Resistance

Chainlink

XRP20

<div class="insidebitcoins">
 <p>The LINK price for Chainlink’s token is currently maintaining its position within the support zone at $7.30, and there is potential for an upward movement if it successfully surpasses the resistance at $7.50. Presently, the price exhibits favorable indicators above the $7.30 mark about the US dollar.</p>
 <p>It trades above the $7.40 level and remains positioned above the 100 simple moving average over four hours. Notably, the 4-hour chart of the LINK pair sourced from Kraken displays the development of a significant descending channel, indicating a resistance area around $7.50. Should the price break through this obstacle, it could gather positive momentum and venture into a bullish phase beyond the $7.50 resistance threshold.</p>
 <h2 id="chainlink-link-price-eyes-fresh-increase">Chainlink (LINK) Price Eyes Fresh Increase</h2>
 <p>Following a notable surge, the price of LINK encountered selling pressure around the $7.90 range in its exchange against the US Dollar. This resulted in a peak of around $7.91, prompting a subsequent corrective downturn. Interestingly, this correction diverged from the trends observed in Bitcoin and Ethereum.</p>
 <p>The downward trajectory led the price to breach the thresholds at $7.60 and $7.50. Furthermore, the price descended past the 50% Fibonacci retracement point of the upward movement, extending from the low at $6.932 to the high at $7.915. Notably, there was a brief dip below the $7.40 mark. Nonetheless, bullish sentiment remained evident as market participants exhibited activity and support near the $7.30 level.</p>
 <p>LINK maintains a position higher than the 61.8% Fibonacci retracement threshold, corresponding to an upward motion spanning from the $6.932 swing low to the $7.915 high. Additionally, it holds a position above both the $7.40 mark and the 100 simple moving average (4 hours).</p>
 <figure id="attachment_435805" aria-describedby="caption-attachment-435805" style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="wp-image-435805 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20781%20375'%3E%3C/svg%3E" alt="Chainlink (LINK) Price Analysis: Navigating Key Resistance at $7.50 for Potential Upside" width="781" height="375" data-lazy-srcset="https://cdn.thebittimes.com/images/2024/05/02/f72fcbc43db0431d9ba58358678c7c1b.webp 781w, https://cdn.thebittimes.com/images/2024/05/02/f72fcbc43db0431d9ba58358678c7c1b.webp 300w, https://cdn.thebittimes.com/images/2024/05/02/f72fcbc43db0431d9ba58358678c7c1b.webp 768w" data-lazy-sizes="(max-width: 781px) 100vw, 781px" data-lazy-src="https://cdn.thebittimes.com/images/2024/05/02/f72fcbc43db0431d9ba58358678c7c1b.webp">
  <noscript><img decoding="async" class="wp-image-435805 size-full" src="https://cdn.thebittimes.com/images/2024/05/02/f72fcbc43db0431d9ba58358678c7c1b.webp" alt="Chainlink (LINK) Price Analysis: Navigating Key Resistance at $7.50 for Potential Upside" width="781" height="375" srcset="https://cdn.thebittimes.com/images/2024/05/02/f72fcbc43db0431d9ba58358678c7c1b.webp 781w, https://cdn.thebittimes.com/images/2024/05/02/f72fcbc43db0431d9ba58358678c7c1b.webp 300w, https://cdn.thebittimes.com/images/2024/05/02/f72fcbc43db0431d9ba58358678c7c1b.webp 768w" sizes="(max-width: 781px) 100vw, 781px">
  </noscript>
  <figcaption id="caption-attachment-435805" class="wp-caption-text">
   Source: TradingView
  </figcaption>
 </figure>
 <p>It’s finding it a bit tough to go beyond the $7.50 point right now. If we look at a chart showing LINK’s performance against the US Dollar over four hours, we can see a pattern where it’s been facing a challenge around the $7.50 level.</p>
 <p>The first big hurdle it needs to cross is around $ 7,685. If it manages to go above this point, there’s a chance it might start moving up again, possibly reaching $7.90 and even $8.00. If it can go even further and break through the $8.20 barrier, then the price could return to $8.50.</p>
 <h2 id="more-losses">More Losses?</h2>
 <p>Should Chainlink’s price struggle and not manage to surpass the barrier at $7.50, there’s a possibility of the price moving downward. Initially, a support point around $7.30 could provide some cushion against this downside movement.</p>
 <p>Looking further down, a significant support level appears near $7.15. Should the price drop below this point, there’s a chance it could approach the $7.00 mark for testing. If the losses continue, it might reach the $6.85 level in the short term.</p>
 <p><strong>Technical Indicators:</strong></p>
 <ul>
  <li>MACD on the 4-hour chart for LINK/USD is slowing down in the bearish region</li>
  <li>RSI on the 4-hour chart for LINK/USD is close to 50</li>
  <li>Important support levels are at $7.30 and $7.15</li>
  <li>Key resistance levels are at $7.50 and $7.685</li>
 </ul>
 <p>The LINK price for Chainlink‘s token is currently maintaining its position within the support zone at $7.30, and there is potential for an upward movement if it successfully surpasses the resistance at $7.50. The price exhibits favorable indicators above the $7.30 mark against the US dollar.</p>
 <p>Additionally, it is trading above the $7.40 level and remains positioned above the 100 simple moving average over four hours. Notably, the 4-hour chart of the LINK/USD pair sourced from Kraken displays the development of a significant descending channel, indicating a resistance area around $7.50. Should the price break through this obstacle, it could gather positive momentum and venture into a bullish phase beyond the $7.50 resistance threshold.</p>
 <h2 id="alternative-to-chainlink-link">Alternative to Chainlink (LINK)</h2>
 <p>XRP20 is a promising venture building upon Ripple’s legacy, seeking to enhance its achievements while introducing innovative <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> and annual rewards. What sets XRP20 apart is the opportunity to generate income through token staking and a novel token burn mechanism.</p>
 <p>By offering only 40% of the 100 billion tokens in the initial sale, the project is committed to transparency and risk mitigation. As XRP20 unfolds, it holds the potential to revolutionize the cryptocurrency landscape.</p>
 <p><img decoding="async" class="alignnone size-full wp-image-426654" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20976%20642'%3E%3C/svg%3E" alt="" width="976" height="642" data-lazy-srcset="https://cdn.thebittimes.com/images/2024/05/02/60e6ae38550e2a4f1b8fecc15452f3c3.webp 976w, https://cdn.thebittimes.com/images/2024/05/02/60e6ae38550e2a4f1b8fecc15452f3c3.webp 300w, https://cdn.thebittimes.com/images/2024/05/02/60e6ae38550e2a4f1b8fecc15452f3c3.webp 768w" data-lazy-sizes="(max-width: 976px) 100vw, 976px" data-lazy-src="https://cdn.thebittimes.com/images/2024/05/02/60e6ae38550e2a4f1b8fecc15452f3c3.webp">
  <noscript><img decoding="async" class="alignnone size-full wp-image-426654" src="https://cdn.thebittimes.com/images/2024/05/02/60e6ae38550e2a4f1b8fecc15452f3c3.webp" alt="" width="976" height="642" srcset="https://cdn.thebittimes.com/images/2024/05/02/60e6ae38550e2a4f1b8fecc15452f3c3.webp 976w, https://cdn.thebittimes.com/images/2024/05/02/60e6ae38550e2a4f1b8fecc15452f3c3.webp 300w, https://cdn.thebittimes.com/images/2024/05/02/60e6ae38550e2a4f1b8fecc15452f3c3.webp 768w" sizes="(max-width: 976px) 100vw, 976px">
  </noscript></p>
 <p>The current sale has swiftly acquired over 20 billion tokens, reflecting widespread interest in the project. Seasoned experts anticipate that XRP20 could surge in value by 20 times or possibly more, rendering it an enticing investment opportunity.</p>
 <p>This could be your moment to secure XRP20 at a more affordable rate, potentially paving the way for substantial future profits. To delve deeper into this opportunity, don’t hesitate to explore the official website for further details.</p>
 <h3 id="xrp20-unveils-game-changing-tokens-and-dex-features-for-effortless-trading">XRP20 Unveils Game-Changing Tokens and DEX Features for Effortless Trading</h3>
 <p>XRP20 has just unveiled an exhilarating development in its mission to enhance trading accessibility. In a bold move, they’ve allocated a substantial reserve of 10 billion tokens to inaugurate a groundbreaking Decentralized Exchange (DEX), signaling their commitment to revolutionizing the trading landscape.</p>
 <p>Amidst the spotlight shining brightly on XRP in recent media coverage, the XRP20 development team has taken the proactive step of envisioning a token endowed with unique qualities and inherent practicality. This endeavor asserts autonomy, distancing itself from any affiliations with Ripple, XRP, or other ecosystem components.</p>
 <p>One pivotal aspect setting XRP20 apart from its predecessor is its deliberate avoidance of classification as a security, a distinction not consistently apparent in its earlier incarnations. This commitment to regulatory compliance and clarity signals a bold stride toward ensuring the token’s stability and longevity in the ever-evolving crypto landscape.</p>
 <p>XRP20’s strategic initiative is geared towards enhancing the seamless buying and selling experience in the crypto market. By prioritizing user security and satisfaction, XRP20 is determined to elevate the trading landscape, a commitment that resonates with enthusiasts in the cryptocurrency sphere.</p>
 <p>XRP20 is off to a strong start in its presale, successfully raising approximately $2.835 million towards its ambitious target of $3,680,000. Investors can acquire one XRP20 token for a promisingly low price of just $0.000092. This impressive progress in fundraising indicates growing confidence in the project’s potential, making it an enticing opportunity for early adopters and crypto enthusiasts looking to participate in its growth.</p>
 <h3 id="related">Related:</h3>
 <ul>
  <li>How To Buy XRP20 Token – $XRP20 Token Presale Review</li>
  <li>Optimism Price Prediction: OPT Token’s Stunning Rise – Do Not Overlook XRP20</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/chainlink-link-price-analysis-navigating-key-resistance-at-7-50-for-potential-upside-tbt87221.html">https://thebittimes.com/chainlink-link-price-analysis-navigating-key-resistance-at-7-50-for-potential-upside-tbt87221.html</a></p>
</div>

Chainlink (LINK) Price Analysis: Navigating Key Resistance at $7.50 for Potential Upside

Table of Contents

TheBitTimes

Other articles published on May 2, 2024

No, Elon Musk Is Not Testing XRP Payments

Billion dollar XRP shuffle sends shockwaves, What is Ripple doing?

PEPE Coin Awaits Potential Price Surge

Crypto expert Plan B sets Bitcoin price for 2025

Aave (AAVE) Set to Dominate Market with Launch of Blockchain V4 Version

Japanese Watch Brand Casio Drops A New NFT Collection To Mark Its 50th Anniversary

Join our free newsletter for daily crypto updates!