Chainlink (LINK) Rally Stalls At $6.6: Here\u2019s Why Uptrend Is Intact<\/title>\n<meta name=\"description\" content=\"Chainlink (LINK) started a strong increase after it broke the $4.900 resistance area against the US Dollar. It traded to a new monthly high at $6.588 and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/chainlink-link-uptrend-intact\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainlink (LINK) Rally Stalls At $6.6: Here\u2019s Why Uptrend Is Intact\" \/>\n<meta property=\"og:description\" content=\"Chainlink (LINK) started a strong increase after it broke the $4.900 resistance area against the US Dollar. 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{"id":430113,"date":"2020-07-09T05:48:54","date_gmt":"2020-07-09T05:48:54","guid":{"rendered":"https:\/\/wncen.com\/?p=430113"},"modified":"2024-06-11T12:59:40","modified_gmt":"2024-06-11T12:59:40","slug":"chainlink-link-uptrend-intact","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink-link-uptrend-intact\/","title":{"rendered":"Chainlink (LINK) Rally Stalls At $6.6: Here\u2019s Why Uptrend Is Intact"},"content":{"rendered":"

Chainlink (LINK) started a strong increase after it broke the $4.900 resistance area against the US Dollar. It traded to a new monthly high at $6.588 and it is currently correcting gains.<\/em><\/p>\n

\n
Chainlink token price rallied significantly above the $4.900 and $5.000 resistance levels against the US dollar.<\/li>\n
The price traded to a new monthly high at $6.588 and it is currently correcting lower.<\/li>\n
There is a connecting bullish trend line forming with support at $5.900 on the 4-hours chart of the LINK\/USD pair (data source from Kraken).<\/li>\n
The pair is currently testing the $6.000 support and it is likely to bounce back.<\/li>\n<\/ul>\n
Chainlink (LINK) Trimming Gains<\/h2>\n
This week, chainlink token price started a strong upward move from the $4.625 swing low against the US Dollar. LINK broke a major resistance area near $4.900 and $5.000 to start a fresh rally.<\/p>\n
There was a successful close above the $5.000 level and the 100 simple moving average (4-hours). It opened the doors for more gains and the price rallied more than 25%, and outpaced other major cryptocurrencies, including bitcoin<\/a> and ripple<\/a>.<\/p>\n
The upward move was such that the price spiked above $6.500 and traded to a new monthly high at $6.588. Recently, it started a downside correction below the $6.500 and $6.400 levels.<\/p>\n
It broke the 23.6% Fib retracement level of the recent rally from the $4.625 swing low to $6.588 high. On the downside, the $6.000 level is currently acting as a support. There is also a connecting bullish trend line forming with support at $5.900 on the 4-hours chart of the LINK\/USD pair.<\/p>\n
$\"Chainlink$ <\/a><\/p>\n
LINK price rallies above $6.000. Source: TradingView.com<\/a><\/pre>\n
If there is a downside break below the trend line, the price could find support near the $5.600 level. It is close to the 50% Fib retracement level of the recent rally from the $4.625 swing low to $6.588 high.<\/p>\n
On the upside, the $6.400 and $6.500 levels are important hurdles. A fresh increase above $6.500 may perhaps open the doors for a push above the $7.000 level.<\/p>\n
$5.000 As Uptrend Support<\/h2>\n
If LINK price corrects lower below the trend line support and $5.600, it could start a major downside correction. The next support is near the $5.350 level.<\/p>\n
The main uptrend support is near the $5.000 level (the recent breakout zone), which is likely to act as a strong buy zone in the coming days.<\/p>\n
Technical Indicators<\/p>\n
4-hours MACD \u2013 The MACD for LINK\/USD is losing momentum in the bullish zone.<\/p>\n
4-hours RSI (Relative Strength Index) \u2013 The RSI for LINK\/USD is correcting lower and it could test 60.<\/p>\n
Major Support Levels \u2013 $6.000, $5.900 and $5.600.<\/p>\n
Major Resistance Levels \u2013 $6.400, $6.500 and $7.000.<\/p>\n
Take advantage of the trading opportunities with Plus500<\/a><\/p>\n
Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chainlink (LINK) started a strong increase after it broke the $4.900 resistance area against the US Dollar. It traded to a new monthly high at $6.588 and it is currently correcting gains. Chainlink token price rallied significantly above the $4.900 and $5.000 resistance levels against the US dollar. The price traded to a new monthly high at $6.588 and it is currently correcting lower. There is a connecting bullish trend line forming with support at $5.900 on the 4-hours chart of the LINK\/USD pair (data source from Kraken). The pair is currently testing the $6.000 support and it is likely to bounce back. Chainlink (LINK) Trimming Gains This week, chainlink token price started a strong upward move from the $4.625 swing low against the US Dollar. LINK broke a major resistance area near $4.900 and $5.000 to start a fresh rally. There was a successful close above the $5.000 level and the 100 simple moving average (4-hours). It opened the doors for more gains and the price rallied more than 25%, and outpaced other major cryptocurrencies, including bitcoin and ripple. The upward move was such that the price spiked above $6.500 and traded to a new monthly high at $6.588. Recently, it started a downside correction below the $6.500 and $6.400 levels. It broke the 23.6% Fib retracement level of the recent rally from the $4.625 swing low to $6.588 high. On the downside, the $6.000 level is currently acting as a support. There is also a connecting bullish trend line forming with support at $5.900 on the 4-hours chart of the LINK\/USD pair. LINK price rallies above $6.000. Source: TradingView.com If there is a downside break below the trend line, the price could find support near the $5.600 level. It is close to the 50% Fib retracement level of the recent rally from the $4.625 swing low to $6.588 high. On the upside, the $6.400 and $6.500 levels are important hurdles. A fresh increase above $6.500 may perhaps open the doors for a push above the $7.000 level. $5.000 As Uptrend Support If LINK price corrects lower below the trend line support and $5.600, it could start a major downside correction. The next support is near the $5.350 level. The main uptrend support is near the $5.000 level (the recent breakout zone), which is likely to act as a strong buy zone in the coming days. Technical Indicators 4-hours MACD \u2013 The MACD for LINK\/USD is losing momentum in the bullish zone. 4-hours RSI (Relative Strength Index) \u2013 The RSI for LINK\/USD is correcting lower and it could test 60. Major Support Levels \u2013 $6.000, $5.900 and $5.600. Major Resistance Levels \u2013 $6.400, $6.500 and $7.000. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":430115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[16295,16097,79609,79610],"class_list":["post-430113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-chainlink","tag-link","tag-link-usd","tag-link-usdt"],"acf":[],"yoast_head":"\nChainlink (LINK) Rally Stalls At $6.6: Here\u2019s Why Uptrend Is Intact<\/title>\n<meta name=\"description\" content=\"Chainlink (LINK) started a strong increase after it broke the $4.900 resistance area against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink (LINK) Rally Stalls At $6.6: Here\u2019s Why Uptrend Is Intact","url":"http:\/\/wncen.com\/news\/chainlink-link-uptrend-intact\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/chainlink-link-uptrend-intact\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/shutterstock_309774656.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/shutterstock_309774656.jpg?fit=1000%2C677"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","link","link\/usd","link\/usdt"],"dateCreated":"2020-07-09T05:48:54Z","datePublished":"2020-07-09T05:48:54Z","dateModified":"2024-06-11T12:59:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink (LINK) Rally Stalls At $6.6: Here\\u2019s Why Uptrend Is Intact\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/chainlink-link-uptrend-intact\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/chainlink-link-uptrend-intact\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/07\\\/shutterstock_309774656.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/07\\\/shutterstock_309774656.jpg?fit=1000%2C677\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"link\",\"link\\\/usd\",\"link\\\/usdt\"],\"dateCreated\":\"2020-07-09T05:48:54Z\",\"datePublished\":\"2020-07-09T05:48:54Z\",\"dateModified\":\"2024-06-11T12:59:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/07\/shutterstock_309774656.jpg?fit=1000%2C677","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/430113"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=430113"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/430113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/430115"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=430113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=430113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=430113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}