Over the last 24 hours, Chainlink has decreased by 1.74%. It currently has a price of $7.35 USD, a 24-hour trading volume of $185,290,531 USD, and a live market cap of $4,093,255,143 USD.

This places it at #19 on CoinMarketCap’s ranking. There are currently 556,849,970 LINK coins in circulation, with a maximum supply of 1,000,000,000.

Chainlink’s LINK price is currently trending upwards, surpassing the $7.25 resistance level. The gains are currently consolidating, and there is potential for further increase above the $7.50 mark.

  • In the LINK/USD pair’s 4-hour chart from Kraken, a significant bullish trend line is being formed with the support of around $7.25.
  • The price is exhibiting optimistic signals above $7.25 and is higher than the $7.30 level and the 100 simple moving average (4 hours).
  • Unless the $6.95 support is breached, the price is likely to continue its upward trajectory.

The price of Chainlink (LINK) continues to rise due to bullish momentum.

It has been previously discussed that there could be potential gains beyond the $7.00 threshold with respect to the US Dollar. As it turns out, the price remained steady and increased even further beyond $7.25.

The price eventually exceeded the $7.50 level, reaching a high of $7.56 and outperforming both Bitcoin and Ethereum. However, there was a slight dip in price under $7.40 recently, and it was tested against the 23.6% Fib retracement level of the upward movement from the $6.60 low to the $7.56 high.

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Currently, LINK is being traded above $6.50 and the 100 simple moving average (4 hours). On the 4-hour chart of the LINK/USD pair, a significant bullish trend line is being formed with support near $7.25.

LINK/USD Price Chart – Source: Tradingview

If there is a recent surge in price, it may face obstacles around the $7.45 mark. The first significant obstacle is located near the $7.50 region. Furthermore, if there is a clear breakthrough above $7.50, it could potentially trigger a gradual rise towards the $8.00 and $8.20 levels.

Coupled with this, the subsequent significant obstacle is situated around the $8.50 level, surpassing which the price may attempt to reach $8.80.

An investigation into the extent of dipping: the line between a proper and improper dip.

If the price of Chainlink encounters resistance at the $7.50 level, it may experience a decline. The first level of support if it falls would be around $7.25, followed by a major support level at $6.95 or 61.8% Fib retracement level.

If the price goes below this level, it could test the $6.80 mark. If the price continues to decline, LINK may drop to $6.60 in the near future.

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