Chainlink (LINK) Is Extending Its Retracement Toward Higher Price Levels

Chainlink’s price has only moved by 1.48%, but its price action seems to have found a more elevated support level.

Consequently, this has considerably increased the pace of price upside retracement. Let’s further examine this market for better judgment.

LINK Statistics
Chainlink Value Now: $7.94
LINK Market Cap: $4,261,847,835
LINK Circulating Supply: 538,099,970
Chainlink Total Supply: 1,000,000,000 
Chainlink CoinMarketCap Ranking: 21

Major Price Levels:
Top: $7.94, $8.50, and $9.00
Base: $7.50, $7.00, and $6.50

Chainlink Price Action Seems to Have Acquired a Higher Base

On the Chainlink daily chart, it could be seen that price action about seven trading sessions ago burst through the price ceiling at $8.00 as expected. But the reaction to this was a sharp downward correction in prices.

However, buyers were able to abate the downside correction not too much below the $7.50 price mark. Consequently, this suggests that price action may have found strong support here, as price action has extended the upside retracement for the second trading session.

Going by the Bollinger Bands, it appears that volatility is high in this market. Additionally, the Stochastic Relative Strength Index indicator continues to approach a bullish crossover. This may offer more upside traction if eventually achieved.

LINK Corrects Off the $8.00 Mark

The LINK/USDT 4-hour chart reveals that price action has minimally corrected off the $8.00 price mark very recently. Nevertheless, price action remains significantly above the middle limit of the Bollinger Bands indicator.

Also, here, it appears that volatility is moderate. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines have crossed above the equilibrium level. Although the bars of this indicator are now pale green, which indicates that buyers may be exiting.

Also, the Stochastic RSI indicator lines are now trending somewhat sideways. Consequently, this suggests that the perceived correction may be transient. Yet, traders should exercise caution in their prediction of a price retracement towards the $9.00 mark.

Buy LINK on eToro