Chainlink (LINK) rallied more than 40% and traded to a new all-time high at $8.530 against the US Dollar. It is currently correcting lower, but dips are likely to find support near $7.200.
- Chainlink token price extended its rally above the $7.500 and $8.000 resistance levels against the US dollar.
- The price traded to a new all-time high at $8.530 and it is currently correcting lower.
- There is a major bullish trend line forming with support at $7.000 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The pair is likely to extend its rise towards the $10.00 level as long as it is above the $7.000 support.
Chainlink (LINK) Rallies 40%
In the last technical analysis of chainlink (LINK), we discussed why there could be more upsides above $6.500 and $7.000 against the US Dollar. LINK did break the $7.000 resistance and extended its rally by more than 40%.
It even surged above the $8.000 resistance and settled well above the 100 simple moving average (4-hours). A new all-time high is formed near $8.530 and the price is currently correcting lower, while major cryptocurrencies (bitcoin and Ethereum) are struggling to clear key hurdles.
LINK price above $8.000. Source:The first major support on the downside is near the $7.200 and $7.150 levels. It is close to the 50% Fib retracement level of the recent rally from the $5.729 low to $8.530 high. More importantly, there is a major bullish trend line forming with support at $7.000 on the 4-hours chart of the LINK/USD pair.