Chainlink (LINK) Price Analysis: Bulls Eyeing Fresh Run Above $4
Chainlink’s price started a strong rise following Coinbase’s listing. LINK price is now gaining traction above $3.500, while bitcoin price is still struggling to recover from losses.
- LINK price is likely staging for a fresh increase above the $3.750 and $3.900 resistance levels.
- The bulls are likely to pierce a crucial bearish trend line with resistance near $3.700 on the 4-hours chart.
- There are chances of strong gains if there is a close above the $4.000 resistance.
Chainlink Coin (LINK) Price Analysis
In the past few sessions, there were sharp losses in bitcoin, Ethereum, ripple and BCH. However, Chainlink’s (LINK) remained well supported and it recently started a strong rise from the $2.850 support area.
Click to Enlarge Chart
Looking at the 4-hours chart of LINK/USD, the pair formed a swing low near the $2.849 level and recently started a fresh increase. It broke the key $3.000 resistance area to move into a positive zone.
There was also a close above the $3.250 level and the 25 simple moving average (4-hours). The price even climbed above the 23.6% Fib retracement level of the recent decline from the $4.657 high to $2.849 low.
At the moment, the price is trading near a major resistance area around $3.750. Moreover, there is a crucial bearish trend line forming with resistance near $3.700 on the same chart.
The 50% Fib retracement level of the recent decline from the $4.657 high to $2.849 low is also near the $3.753. Therefore, a successful close above the bearish trend line might set the pace for more gains.
The next key resistance is near $3.950, followed by $4.000. Once there is a break above $4.000, LINK price could surge towards the $4.300 or $4.500 levels. It may even revisit the last high near $4.657.
On the downside, an initial support is near the $3.400 level, below which the price might test the $3.200 support area.
Overall, LINK coin is gaining bullish momentum, while bitcoin is struggling. Therefore, there are chances of more gains above the $3.750 and $3.900 levels in the near term.
The market data is provided by TradingView, Binance.
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Dr. Latika Mehrotra, Khareem Sudlow