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Chainlink Price Analysis: LINK/USD extends the recovery , targets $8.00

  • Chainlink clears the local resistance at $7.65.
  • The recovery may be extended towards the resistance created by $8.00.
Chainlink Price Analysis: LINK/USD extends the recovery , targets $8.00
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Chainlink (LINK) has gained nearly 8% in the recent 24 hours to trade at $7.728 at the time of writing. The coin takes 12th place in the global cryptocurrency market with the current market value of $2.7 billion and an average daily trading volume of $712 million.

LINK/USD: Technical picture

LINK/USD moved above the middle line of the daily Bollinger Band at $7.65. The development improved the technical picture and brought psychological $8.00 into focus. Once it is out of the way, the recovery may be extended towards the upper line of the daily Bollinger Band located on approach tp $9.00. 

On the downside, a move back below $7.65 will increase the short-term selling pressure. The next support comes at psychological $7.00 and the lower line of the daily Bollinger Band at $6.77. 

LINK/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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