Chainlink Price Prediction: Is it finally LINK marines' turn to reign?
|- Chainlink price shows a flip of major resistance levels into support floor, suggesting the possibility of a bullish regime.
- A bounce off the $7.29 support level could lead to a 28% upswing to $9.32.
- A daily candlestick close below $6.38 will invalidate the bullish thesis for LINK.
Chainlink price shows an interesting setup after weeks of being stuck in a range. The recent development indicates that LINK buyers and bulls are back and want to enjoy gains.
Chainlink price ready for a quick uptrend
Chainlink price created two major ranges after the LUNA-UST-induced crash in May 2022. The larger range extends from $9.32 to $5.27. The smaller range, created between June 13 and June 16, stretches from $7.49 to $5.27.
For the most part, LINK has stayed inside the smaller range with no signs of a breakout. However, this outlook changed on July 27 as Chainlink price triggered a 32% upswing. This move pushed through the smaller range’s upper limit at $7.49 and the larger range’s midpoint at $7.29. Additionally, this rally also filled the four-hour price inefficiency, aka fair value gap that extended up to $7.99.
The upthrust is bullish if the oracle token can manage to stay above $7.29. Assuming Chainlink price does that, investors can expect a 28% upswing that retests the larger range’s upper limit at $9.32.
LINK/USDT 1-day chart
While this trade is straightforward, investors need to wait for a confirmation of an upswing, which will arrive if the altcoin holds above $7.29. On the other hand, a breakdown of this level into a resistance barrier will reveal a weakness among buyers.
In such a case, bulls have another chance to propel Chainlink price after a retest of $6.38. A daily candlestick close below this level will create a lower low and invalidate the bullish thesis outlined for LINK.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.