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Chainlink

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 <p>Chain<a rel="noopener noreferrer nofollow" title="LINK" href="https://thebittimes.com/tag/link.html">LINK</a> has recently broken out of its descending channel, indicating that the asset could see a trend reversal. The token was on a downward trajectory since July 20, witnessing consecutive lower highs and lower lows. However, the token’s price spiked yesterday, breaking through its descending resistance line. Moreover, yesterday’s closing candle formed a demand zone, which is also a bullish development. </p> 
 <p><strong>Also Read: Chainlink Registers Largest On-Chain Volume in 2023 with $350 Million</strong></p> 
 <p>Chain<a rel="noopener noreferrer nofollow" title="LINK" href="https://thebittimes.com/tag/link.html">LINK</a> currently faces resistance at around $7.619, with support at around $7.112. If <a rel="noopener noreferrer nofollow" title="LINK" href="https://thebittimes.com/tag/link.html">LINK</a> is able to close the day above $7.45, it opens the possibility of a bullish reversal. If the token is able to close above $7.4, it could test $7.70, which could prove to be a profit-making area. Moreover, if the $7.70 level is also crossed, it could face resistance around $8.45. This level was previously tested in February and may prove to be another profit-taking zone. </p> 
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  <img decoding="async" width="1024" height="555" src="https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp" alt="" class="wp-image-105871" srcset="https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 1024w, https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 300w, https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 768w, https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 1536w, https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 380w, https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 550w, https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 800w, https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 1160w, https://cdn.thebittimes.com/images/2023/08/08/b8c857672f5e93a230fb3e7663727a8e.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: LINK/USDT Chart by Trading View 
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 <h3 class="wp-block-heading" id="h-could-chainlink-fall-lower">Could Chainlink fall lower?</h3> 
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  <img decoding="async" loading="lazy" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/08/08/8ca48cc763b857ce994cd773e6f35591.webp" alt="Chainlink" class="wp-image-25306" srcset="https://cdn.thebittimes.com/images/2023/08/08/8ca48cc763b857ce994cd773e6f35591.webp 1024w, https://cdn.thebittimes.com/images/2023/08/08/8ca48cc763b857ce994cd773e6f35591.webp 300w, https://cdn.thebittimes.com/images/2023/08/08/8ca48cc763b857ce994cd773e6f35591.webp 768w, https://cdn.thebittimes.com/images/2023/08/08/8ca48cc763b857ce994cd773e6f35591.webp 380w, https://cdn.thebittimes.com/images/2023/08/08/8ca48cc763b857ce994cd773e6f35591.webp 550w, https://cdn.thebittimes.com/images/2023/08/08/8ca48cc763b857ce994cd773e6f35591.webp 800w, https://cdn.thebittimes.com/images/2023/08/08/8ca48cc763b857ce994cd773e6f35591.webp 1116w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Pixabay 
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 </figure> 
 <p>Although <a rel="noopener noreferrer nofollow" title="LINK" href="https://thebittimes.com/tag/link.html">LINK</a> currently seems to be going through a trend reversal, things could change if it is unable to close above $7.45. In that case, the token could fall back below $7.00, and might even slip to somewhere between $6.0 to $6.2, as this range has a lot of volume. Nonetheless, <a rel="noopener noreferrer nofollow" title="LINK" href="https://thebittimes.com/tag/link.html">LINK</a> is currently in the area where the Fibonacci retracement predicts a reversal from. </p> 
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 <p>Furthermore, LINK is also one of the most development-heavy projects out there. According to crypto analysis firm Santiment, LINK is among the top 5 most developed crypto protocols. The development of a project is a solid angle to consider as it shows the future prospects of the project. Being a highly developed protocol makes it easier for investors to be bullish. </p> 
 <p><strong>Also Read: Chain<a rel="noopener noreferrer nofollow" title="LINK" href="https://thebittimes.com/tag/link.html">LINK</a> Emerges as 5th Most Developed Crypto Protocol</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>chainlink</li> 
  <li>LINK</li> 
 </ul> 
</div>

Chainlink Eyes Major Bullish Breakout: May Test $8.43 Again

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