Chainlink Market Update: LINK/USD consistently rising to take down resistance at $8.00

  • Chainlink breaks out above a descending trendline renewing the bullish case to $8.00.
  • LINK/USD bulls are working hard to hold above the 50% Fibonacci level after hitting a barrier at $7.85.

Chainlink has engaged forward gears even though the majority of the major cryptocurrencies are taking a breather after an impressive trading week. LINK/USD has stepped above the 50% Fibonacci level taken between the last swing high of $8.89 to a swing low of $6.55. At the time of writing, the token is teetering at $7.73 while clinging to the same fib level following a minor retreat due to the presence of selling pressure while closing in on $8.00.

According to the technical picture, Chainlink is comfortably sitting in the hands of the bulls. The RSI, for instance, is currently in the overbought for the first time since mid-July. Bulls seem to be losing traction due to the lack of enough volume needed to sustain gains to $8.00. The more the price delays the spike above $8.00, the stronger the sellers become.

On the bright side, the Elliot Wave Oscillator has started a fresh bullish session. It is, however, not clear how long the session will last because in July both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators like the RSI and the MACD. In addition, the gap made by the 50 SMA above the 100 SMA in the 1-hour range emphasizes that buyers have an upper hand, at least for now.

LINK/USD 1-hour chart

LINK/USD price chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

ETH/BTC skyrocketing, Bitcoin stays above $11,000

The cryptocurrency market lived through a volatile weekend as Bitcoin an all major altcoins hit new multi-month highs and crashed back in a matter of minutes. 

More Bitcoin News

ETH/USD struggles to hold the gains, bears target at $350.00

Ethereum, the second-largest digital asset, hit the new high at $415 on Sunday, August 2, and retreated to $379.70 by press time. The second-largest digital asset has gained nearly 3% since the beginning of the day, though it is still down 1% in the recent 24 hours. 

More Ethereum News

ETC/USD Price Analysis: Bounce from 100-day SMA keeps buyers hopeful above 7.0000

ETC/USD retraces from the lowest in a week to 7.2900, up 1.60% on a day, during the early Monday. In doing so, the pair takes a U-turn from 100-day SMA, which in turn again pushes in north towards ...

More Ethereum Classic News

XRP/USD climbs back above $0.3000, bulls struggle to regain control

Ripple's XRP has recovered above $0.30 after a dip to $0.2839 during early Asian hours. The coin has gained over 5% since the start of the day and 3% in the recent 24 hours.

More Ripple News


Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast