Chainlink’s Strong Upside Momentum: Will LINK Break $7.50?

Chainlink’s current price is $7.45, showing bullish tendencies as the technical indicators suggest a potential upside. Significantly, the market cap of Chainlink stands at a whopping $4.1 billion. Additionally, its circulating supply is at 556.8 million, with a total supply of 1 billion. Moreover, on the Coinmarketcap leaderboard, Chainlink proudly holds the #18 position.

LINK/USD’s market trend reveals an optimistic picture. Besides its over 6.91% gain, LINK/USD is on a positive trajectory, attempting to surpass the upper boundary of its price channel. Consequently, Chainlink bulls seem unstoppable, staying above the 9-day and 21-day moving averages. However, they face a minor obstacle, capping their surge at $7.50.

The Chainlink price retains a position above the 9-day and 21-day moving averages. Yet, its rally is hesitant to break past the $7.50 mark. On a more promising note, a breach above this channel could ignite a bullish spree, targeting resistance levels of $8.50, $9.00, and even $9.50.

The daily chart provides more insights. The LINK/USD pair hints at an upward swing as the Relative Strength Index (14) aims to rise above 70. However, should the bulls falter, we might see a decline toward the channel’s lower boundary, touching support levels at $6.00, $5.50, and possibly $5.00.

Turning our gaze to the LINK/BTC pairing, Chainlink showcases a bullish outlook against Bitcoin. It threatens to break above its channel, targeting the 2500 SAT resistance. BULLISH CONTINUATION REMAINS UNCERTAIN unless LINK conquers this channel and manages a close above. Conversely, any dip below the $2600 support might usher in bearish momentum, pushing prices below the 9-day average. Such a move could find support at 2400 SAT. On the brighter side, a bullish leap above the channel might challenge the 3100 SAT resistance.

There are alternatives to Chainlink in the market. Yet, Chainlink’s price is above its 9-day and 21-day moving averages. As the digital asset aims for a breakthrough above the $7.50 resistance, success on this front could solidify its bullish dominance.