- Chainlink price shows a flip of major resistance levels into support floor, suggesting the possibility of a bullish regime.
- A bounce off the $7.29 support level could lead to a 28% upswing to $9.32.
- A daily candlestick close below $6.38 will invalidate the bullish thesis for LINK.
Chainlink price shows an interesting setup after weeks of being stuck in a range. The recent development indicates that LINK buyers and bulls are back and want to enjoy gains.
Chainlink price ready for a quick uptrend
Chainlink price created two major ranges after the LUNA-UST-induced crash in May 2022. The larger range extends from $9.32 to $5.27. The smaller range, created between June 13 and June 16, stretches from $7.49 to $5.27.
For the most part, LINK has stayed inside the smaller range with no signs of a breakout. However, this outlook changed on July 27 as Chainlink price triggered a 32% upswing. This move pushed through the smaller range’s upper limit at $7.49 and the larger range’s midpoint at $7.29. Additionally, this rally also filled the four-hour price inefficiency, aka fair value gap that extended up to $7.99.
The upthrust is bullish if the oracle token can manage to stay above $7.29. Assuming Chainlink price does that, investors can expect a 28% upswing that retests the larger range’s upper limit at $9.32.
LINK/USDT 1-day chart
While this trade is straightforward, investors need to wait for a confirmation of an upswing, which will arrive if the altcoin holds above $7.29. On the other hand, a breakdown of this level into a resistance barrier will reveal a weakness among buyers.
In such a case, bulls have another chance to propel Chainlink price after a retest of $6.38. A daily candlestick close below this level will create a lower low and invalidate the bullish thesis outlined for LINK.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase to list Arbitrum with experimental label, warns users to send ARB only over Ethereum network

In a March 22 announcement, Coinbase revealed intentions to support Arbitrum’s upcoming native token, ARB, by listing it for trading on the largest cryptocurrency exchange in the United States. The disclosure was bountiful, featuring several other details for Arbitrum users.
TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws

TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.
ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch

ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows.
Dogecoin Price Forecast: DOGE coils up for an upswing as alt season clocks in

Dogecoin price has heeded the invite to the alt season to trade with a bullish inclination and record more gains for investors. Despite overhead pressure due to multiple supplier congestion zones, DOGE bulls have put the right foot forward and now the meme coin is preparing for another northbound move.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.