{"id":430475,"date":"2020-07-13T05:48:20","date_gmt":"2020-07-13T05:48:20","guid":{"rendered":"https:\/\/wncen.com\/?p=430475"},"modified":"2024-06-11T12:59:38","modified_gmt":"2024-06-11T12:59:38","slug":"chainlink-link-rally-could-extend-to-10","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink-link-rally-could-extend-to-10\/","title":{"rendered":"Chainlink (LINK) Rally Could Extend To $10: Pullbacks Remain Supported"},"content":{"rendered":"
Chainlink (LINK) rallied more than 40% and traded to a new all-time high at $8.530 against the US Dollar. It is currently correcting lower, but dips are likely to find support near $7.200.<\/em><\/p>\n In the last technical analysis of chainlink (LINK), we discussed why there could be more upsides above $6.500 and $7.000<\/a> against the US Dollar. LINK did break the $7.000 resistance and extended its rally by more than 40%.<\/p>\n It even surged above the $8.000 resistance and settled well above the 100 simple moving average (4-hours). A new all-time high is formed near $8.530 and the price is currently correcting lower, while major cryptocurrencies (bitcoin<\/a> and Ethereum<\/a>) are struggling to clear key hurdles.<\/p>\n LINK is currently correcting lower below the $8.200 level. An initial support is near the $7.880 level or the 23.6% Fib retracement level of the recent rally from the $5.729 low to $8.530 high.<\/p>\n <\/a><\/p>\n The first major support on the downside is near the $7.200 and $7.150 levels. It is close to the 50% Fib retracement level of the recent rally from the $5.729 low to $8.530 high. More importantly, there is a major bullish trend line forming with support at $7.000 on the 4-hours chart of the LINK\/USD pair.<\/p>\n If chainlink token price stays above the $7.200 and $7.000 support levels, it could start a fresh increase. An initial resistance is near the $8.200 and $8.500 levels. A clear break above the $8.500 level might open the doors for a push towards the $10.00 barrier in the coming days.<\/p>\n If LINK price corrects lower, the bulls are likely to protect the $7.200 and $7.000 support levels. A successful close below the $7.000 support might push the price into a major correction phase.<\/p>\n In the mentioned case, the price could revisit the $6.400 support level (the recent breakout zone). Any further losses may perhaps start a bearish wave towards the $5.000 level.<\/p>\n Technical Indicators<\/p>\n 4-hours MACD \u2013 The MACD for LINK\/USD is gaining momentum in the bullish zone.<\/p>\n 4-hours RSI (Relative Strength Index) \u2013 The RSI for LINK\/USD is currently well into the overbought zone.<\/p>\n Major Support Levels \u2013 $7.880, $7.200 and $7.000.<\/p>\n Major Resistance Levels \u2013 $8.200, $8.500 and $10.00.<\/p>\n\n
Chainlink (LINK) Rallies 40%<\/h2>\n
LINK price above $8.000. Source: TradingView.com<\/a><\/pre>\n
Dips Remain Supported<\/h2>\n