Chainlink Price Analysis – July 7
LINK/USD is up by more than 5% in the past 24 hours, hitting a new all-time high at $5.89 level.
Resistance levels: $6.4, $6.6, $6.8
Support levels: $4.8, $4.6, $4.4
Chainlink has been clearly outperforming the market for the majority of its existence. Since the beginning of this year, LINK/USD has seen large gains from a low of $1.75 on January 1 to the current high at $5.89 today. Obviously, because this is a new all-time high, there aren’t many resistance levels to the upside.
Meanwhile, from a technical perspective, LINK/USD is in the hands of the bulls as the technical indicator RSI (14) supports the bullish action with its cross into the overbought region. At the same time, buyers are facing the $6 psychological resistance level and aiming to hit the potential resistance levels at $6.4, $6.6, and $6.8 in the near future while the supports lie at $4.8, $4.6, and $4.4 respectively.
Comparing with BTC, the market price is seen to be moving far above the 9-day and 21-day moving averages and within the ascending wedge channel where the price is expected to break above the channel. Meanwhile, if the price breaks above the upper boundary of the channel, then, the market may continue to experience an upward trend that could touch the nearest resistance level at 70000 SAT and above.
Meanwhile, if Chainlink price crosses below the moving averages, the coin may likely reach the support at 50000 SAT and below. However, the technical indicator RSI (14) confirms that the market is moving within the overbought zone which may give more bullish signals in the nearest term.