The $5.75 support area is holding for Chainlink’s LINK price. If it moves past the $6.25 resistance area, the price may begin a new rise.

  • The price of a Chainlink token is rising above $6.0 about the US dollar.
  • The price is trading above both the $6.05 mark and the 4-hour 100 SMA.
  • On the 4-hour chart of the LINK/USD pair (information sourced from Kraken), a significant bearish trend line is developing with resistance located close to $6.10.
  • If the price rises above the $6.25 resistance level, it might start to trend upward.

Chainlink (LINK) Price Eyes Fresh Recovery

Following a sharp decrease, the LINK price against the US dollar regained support at the $5.75 area. The price has reached a low of $5.74 and is currently attempting a recovery wave similar to those seen in Bitcoin and Ethereum.

Above the $5.85 and $6.00 levels, there was a respectable move. LINK is currently trading above both the $6.05 mark and the four-hour 100-day simple moving average. On the upside, there are numerous obstacles starting at $6.10. On the 4-hour chart of the LINK/USD pair, a significant negative trend line with resistance near $6.10 is also developing.

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The $6.65 and $6.80 levels may be reached if there is a clean break above $6.25. The price could return to $7.50 if it surpasses the next significant resistance, which is close to the $7.10 mark.

Another Decline Losses?

In the event that Chainlink’s price is unable to surpass the $6.25 resistance level, a negative extension can occur. Near $6.00 is where initial support on the downside is located.

The price may test the $5.60 level below the next significant support, which is located close to the $5.75 level. In the near future, any further losses can push the price in the direction of $5.35.

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