- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.