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- 1 LINK token price faces the $8 barrier.
- 2 Buyers are holding the gains and are trying to smash the supply zone.
ChainLink token (LINK) price has persisted in forming the multiple tops near $8 and is trading close to the supply zone, whereas bulls unsuccessfully tried to smash the hurdle, showing the sellers’ grip. Furthermore, the buyers persisted in accumulation, did not let back, and held the momentum that stayed on the top. Moreover, the LINK token price is above the significant moving averages. It retested the support zone of $5 and showed a vertical rebound, indicating buying interest.
LINK token price is trading close to the breakout region and the prominent hurdle of $8, which, if surpassed decisively, would lead to a sharp rise toward the swing barrier of $10. In contrast, LINK token has faced rejection multiple times and has persisted in accumulating, facilitating LINK token to stay in bullish territory. Moreover, the LINK token shows a rounding bottom pattern, and the price is close to the upper neckline of $8, which is the immediate resistance zone.
At press time, ChainLink token price was $7.603 with an intraday gain of 1.97%, showing neutral moves in yesterday’s session. Moreover, the trading volume increased by 1.98% to $213.64 Million, and the pair of LINK/BTC is at 0.000274 BTC. However, the market cap of LINK is $4.23 Billion. Furthermore, analysts have maintained a neutral rating and suggest a growth outlook for the upcoming sessions.
Will ChainLink Token Price Gain Momentum Above $8?
On the daily charts, the LINK token price is close to the supply zone. Buyers persisted in accumulating and showed a willingness to surpass the primary hurdle of $8. Moreover, the LINK token has held the 50% Fib zone and has sustained above it, decisively. Furthermore, it is trading above the mid bollinger band, holding the gains.
Furthermore, the RSI curve is in the overbought zone, and a bullish divergence suggests a significant upside for the following sessions.
The MACD indicator shows a bearish crossover and formed red bars on the histogram, showing a volatile chart structure.
Summary
ChainLink token price is close to the neckline of $8 and has shown buyer interest in the past sessions. Furthermore, the LINK token is trading above the significant moving averages. It has persisted in accumulation, showing the bulls’ willingness to surpass the primary resistance of $8, which will reach $10 in the upcoming sessions if surpassed.
Technical Levels
Support Levels: $7 and $6.60
Resistance Levels: $8 and $8.80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
