Ethereum

Momentum

Resistance

Chainlink

<a href="https://bitcoinworld.co.in/chainlinks-bullish-trajectory-a-close-analysis-of-links-price-momentum/" title="Chainlink’s Bullish Trajectory: A Close Analysis of LINK’s Price Momentum" rel="noopener noreferrer nofollow"></a> 
Chainlink (LINK) has recently showcased encouraging signs, especially with its price staying robust above the $7.25 benchmark against the US dollar. Moreover, trading above the critical $7.30 threshold and the notable 100 simple moving average (4 hours) underscores this bullish momentum. A significant bullish trend line has been spotted, offering support near the $7.25 zone on the LINK/USD pair’s 4-hour chart, as data from Kraken illustrates. 
LINK Outpaces Bitcoin and Ethereum 
Our previous LINK price evaluation highlighted the potential for further elevation beyond the $7.00 mark against the US dollar. Consequently, the currency didn’t just hold its ground but also surged past the $7.25 boundary. Significantly, Chainlink continued. It surpassed the $7.50 mark, reaching a commendable $7.56 high, outclassing giants like Bitcoin and Ethereum in its ascent. However, a slight downward correction took the price below $7.40, nudging it to test the 23.6% Fib retracement level. This was from its rise from the $6.60 low to its $7.56 peak. 
Additionally, LINK maintains its position above the $6.50 mark and the vital 100 simple moving average (4 hours). LINK’s potential is evident with the ongoing formation of a bullish trend line that finds support around the $7.25 mark. However, if LINK sees a further surge, it might encounter resistance close to the $7.45 mark. The primary resistance, though, lies near the $7.50 zone. Breaking past this zone could open the gates for a consistent climb aiming for the $8.00 to $8.20 regions. Moreover, moving past the $8.50 resistance might propel LINK to challenge the $8.80 mark. 
Assessing Downside Risks 
It might face a downside stretch if Chainlink struggles to soar past the $7.50 resistance. Initial support in this scenario hovers around the $7.25 mark. The next substantial support lies close to the $6.95 level or the 61.8% Fib retracement level, traced from its rise from $6.60 to $7.56. Failing this, LINK could aim for the $6.80 mark. Any further decline could then redirect LINK towards the imminent $6.60 region. 
Key Technical Data at a Glance 
Four hours MACD: The LINK/USD MACD hints at waning bullish momentum. 
Four hours RSI: LINK/USD’s RSI is above 50. 
Principal Support Zones: $7.25 &amp; $6.95. 
Major Resistance Zones: $7.50 &amp; $8.50. 
&nbsp; 
The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/chainlinks-bullish-trajectory-a-close-analysis-of-links-price-momentum/">Chainlink’s Bullish Trajectory: A Close Analysis of LINK’s Price Momentum</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Chainlink’s Bullish Trajectory: A Close Analysis of LINK’s Price Momentum

ItsBitcoinWorld

Other articles published on Sep 27, 2023

MNST Stock Forecast: Is It (NASDAQ: MNST) On Fumes Or Surge More?

Terra Founder Do Kwon Opposes SEC Extradition Request

MoneyGram to Launch Non-Custodial Wallet on Stellar Network for Instant, Fee-Free Transactions Un...

Reimagining The Future of Travel With AI

GTA 6 Expected To Earn $8 Billion in a Year After Its Release

Do Kwon Fights SEC Extradition Request Over Terra and Luna Stablecoin Collapse

Join our free newsletter for daily crypto updates!