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LINK Price Prediction: Chainlink Recovery Stalls But Not Likely Over

Started by Bitcoin, Sep 22, 2023, 07:09 am

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LINK Price Prediction: Chainlink Recovery Stalls But Not Likely Over

Chainlink's LINK price recovered above the $6.50 resistance. The price is now correcting gains, but it might find bids near $6.40 and could start a fresh increase.



  • Chainlink price is showing positive signs above $6.5 against the US dollar.

  • The price is trading above the $6.50 level and the 100 simple moving average (4 hours).

  • There is a connecting bullish trend line forming with support near $6.40 on the 4-hour chart of the LINK/USD pair (data source from Kraken).

  • The price could restart its increase unless there is a close below the $6.40 support.


Chainlink (LINK) Price Turns Green


After a steady decline, LINK price found support near the $5.75 zone against the US Dollar. A low was formed near $5.74 and the price recently started a fresh increase, like Bitcoin and Ethereum.


The price recovered above the $6.00 and $6.20 resistance levels. The bulls were able to pump the price above the $6.50 level and the 100 simple moving average (4 hours). Finally, the bears appeared near the $7.00 zone. A high is formed near $7.03 and the price is now correcting gains.


It traded below the 23.6% Fib retracement level of the upward move from the $5.74 swing low to the $7.03 high. LINK is still trading above the $6.50 level and the 100 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $6.40 on the 4-hour chart of the LINK/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $5.74 swing low to the $7.03 high.


LINK Price Prediction


Source: LINKUSD on TradingView.com


If there is a fresh increase, the price might face resistance near $6.80. The first major resistance is near the $7.00 zone. A clear break above $7.00 may possibly start a steady increase toward the $7.25 and $7.32 levels. The next major resistance is near the $7.50 level, above which the price could revisit $7.85.


More Losses?


If Chainlink's price fails to climb above the $6.80 resistance level, there could be a downside extension. Initial support on the downside is near the $6.50 level.


The next major support is near the $6.40 level, below which the price might test the $5.90 level. Any more losses could lead LINK toward the $5.75 level in the near term.


Technical Indicators


4 hours MACD - The MACD for LINK/USD is losing momentum in the bullish zone.


4 hours RSI (Relative Strength Index) - The RSI for LINK/USD is now above the 50 level.


Major Support Levels - $6.50 and $6.40.


Major Resistance Levels - $6.80 and $7.00.


Source: LINK Price Prediction: Chainlink Recovery Stalls But Not Likely Over