Bitcoin

Momentum

Resistance

Chainlink

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/09/28/a90e819bcf399421b7777d7b333adc92.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" srcset="https://cdn.thebittimes.com/images/2023/09/28/a90e819bcf399421b7777d7b333adc92.webp 800w, https://cdn.thebittimes.com/images/2023/09/28/a90e819bcf399421b7777d7b333adc92.webp 450w, https://cdn.thebittimes.com/images/2023/09/28/a90e819bcf399421b7777d7b333adc92.webp 750w, https://cdn.thebittimes.com/images/2023/09/28/a90e819bcf399421b7777d7b333adc92.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
<a rel="dofollow" title="Chainlink" href="https://thebittimes.com/tag/chainlink.html">Chainlink</a> (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 <a rel="dofollow" title="bullish momentum." href="https://thebittimes.com/tag/bullish-momentum.html">bullish momentum.</a> 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, <a rel="dofollow" title="Chainlink" href="https://thebittimes.com/tag/chainlink.html">Chainlink</a> 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 <a rel="dofollow" title="Chainlink" href="https://thebittimes.com/tag/chainlink.html">Chainlink</a> 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 <a rel="dofollow" title="bullish momentum." href="https://thebittimes.com/tag/bullish-momentum.html">bullish momentum.</a> 
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 Chainlink’s Bullish Trajectory: A Close Analysis of LINK’s Price Momentum appeared first on BitcoinWorld. 
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/chainlink-s-bullish-trajectory-a-close-analysis-of-link-s-price-momentum-tbt64287.html">https://thebittimes.com/chainlink-s-bullish-trajectory-a-close-analysis-of-link-s-price-momentum-tbt64287.html</a>

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

TheBitTimes

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