Chainlink (LINK) Sets Sail Again for the $8 Price Level
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In the second half of February, the bull market for Chainlink reached the $8 price level with full force. However, the manner in which the bullish price was cut short was so significant that it suggested strong selling activities around the $8 price level. After two days of significant market gridlock between demand and supply, the market turned to the downside.
LINK/USD Price Statistics
- LINK/USD Price Now: $7.48
- LINK/USD Market Cap: $3,848,212,828
- LINK/USD Circulating Supply: 517,099,970 LINK
- LINK/USD Total Supply: 1,000,000,000
- LINK/USD CoinMarketCap rank: #20
Key Levels
- Resistance: $8.00, $8.50, and $9.00
- Support: $6.00, $5.50, and $5.00
Price Prediction for Chainlink: The Indicators’ Point of View—Buyers are Targeting the $8 Level
The market was salvaged at the support price level of $6.00. Even though a significant number of traders are willing to sell, more traders are willing to buy at this level. The bulls became strong enough to drag the bears along with them to the upside. The target is at the $8 level. However, for now, the Relative Strength Index (RSI) indicator suggests that the market may be currently facing a bearish resistance at around the $7.5 price level as its curve ranges at level 58 since the last daily session.
LINK/USD 4-Hour Chart Outlook
As the market reached the $7.6 price level, the price pulled back, but the bull market still maintained its vigour. The bulls have found a new support price at $7.5 that could bring them back into the game. If they can hold on to this price level, the market will continue to move towards its target. The Chainlink market needs more buyers to prevent the price from falling beyond the newly found support.
