Chainlink Price Analysis – June 8
The Chainlink bulls are in charge of the market as the coin hovers around the $8.86 resistance level.
Resistance levels: $12.5, $13.5, $14.5
Support levels: $5.5, $4.5, $3.5
Based on the current analysis, LINK/USD could hit $10 in the next positive step. The trying time seems to be over for this crypto as it tries to create a new trend. However, Chainlink’s price is currently trading at $8.84, although the coin touched $8.96 when the market opened during the European session, it could probably retest $8.0 before it rises again.
Chainlink Price Analysis: LINK/USD May Create More Upsides
As the Chainlink price remains above the 9-day and 21-day moving averages, it is apparent that a break above $10 could encourage more buyers to increase their entries, which could now push the market price to the resistance levels of $12.5, $13.5, and $14.5. On the downside, once the price breaks below the moving averages, the sell-off could gain traction with the next focus below the $6.5, followed by the psychological $6.0 support.
Moreover, if the above mentioned-supports are broken, the downside pressure may increase while the next supports may be located at $5.5, $4.5, and $3.5. The technical indicator Relative Strength Index (14) is moving to cross above the 60-level, suggesting more bullish signals within the market.
LINK/BTC Market: Price Keeps Moving Upward
When compared with Bitcoin, the Chainlink price is keeping the upward movement intact as the price remains above the 9-day and 21-day moving averages. Meanwhile, a daily close above the resistance level of 3000 SAT could encourage the bulls to extend the rally towards the resistance level of 3500 SAT and above.
In other words, a close below the moving averages could reverse the Chainlink price direction towards the daily support at 9000 SAT, and a further bearish movement could take the coin to the support of 2400 SAT and below. Meanwhile, there is a possibility that LINK/USD may continue the bullish trend as the technical indicator Relative Strength Index (14) is moving to cross into the overbought region with the signal line pointing to the north, suggesting additional bullish movement.