Chainlink Price Prediction: Why LINK Could Be The Next One To Rally

New Delhi(CoinChapter): Chainlink’s LINK is preparing for a key break above $7.8. The price could surge if there is a close above $7.8 and $8.0 in the coming sessions.

Chainlink’s LINK Price Approaches Breakout

After forming a base above the $5.50 level, LINK price started a fresh increase against the US Dollar. The price moved above the $6.00 and $6.50 resistance levels to set the tone for a decent increase.

There was a proper close above the $6.80 resistance zone and the 50-day simple moving average (blue). It is showing a lot of bullish signs above $7.00. The price is up over 4% in a day, outperforming bitcoin and ethereum.

The current daily candle is signaling a strong bullish signal above $7.20. On the upside, an immediate resistance is near the $7.75 level. The first major resistance is near the $7.80.

A clear move above the $7.80 resistance might set the pace for a strong rally. The next major resistance is near the $8.00 level, above which there could be a 15%-20% rally. In the stated case, the price could visit the $8.80 resistance level.

The next major resistance is near $9.45. Any more gains might open the doors for a move towards the $10.00 resistance, where the bears might appear.

Dips Limited in LINK?

Conversely, LINK price might fail to clear the $7.80 resistance zone or $8.00. In the mentioned case, the price could start a downside correction. An initial support is near the $7.40 level.

The next major support is near $7.20 and a crucial bullish trend line with support near $7.20 on the daily chart. The trend line is close to the 23.6% Fib retracement level of the upward move from the $5.39 swing low to $7.80 high.

A close below $7.20 may perhaps send the price towards the $6.60 support. It is near the 50% Fib retracement level of the upward move from the $5.39 swing low to $7.80 high.

Overall, LINK price is preparing for an upside break above the $7.80 and $8.00 resistance levels. If the bulls gain strength, it could rise towards the $8.80 resistance or $9.45. If not, there could be a drop towards the $6.60 support zone.