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Chainlink: Can LINK bulls push their way past the $7 price point?

2min Read

LINK reached a critical price level after registering decent bullish gains. Is the buying pressure strong enough to clear this hurdle?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • LINK broke out of a month-long range formation with 11% gains over the past 48 hours.
  • The exchange long/short ratio showed buyers were actively bidding for further gains. 

Chainlink’s [LINK] bullish breakout took the altcoin to the critical $7 price level. An earlier price report highlighted the slim possibility of LINK getting to the $7 price level, due to a significant token unlock.

Is your portfolio green? Check out the LINK Profit Calculator

However, the return of the bullish conviction to the markets along with Bitcoin [BTC] reclaiming the $27k price zone brought good gains for LINK.

Is the buying pressure enough to clear the $7 roadblock?

Chainlink LINK price chart on dark background

Source: LINK/USDT on Trading View

LINK traded sideways between the $6 support and $6.4 resistance levels over a month-long period. A look at the 12-hour timeframe revealed bulls gained the upper hand on 18 September with 11% gains. This pushed LINK past the $6.4 resistance level.

While the higher timeframes showed a price rejection at the $7 level, the lower timeframes showed that bullish momentum was still present.

This was echoed by the Relative Strength Index (RSI) hovering at the overbought zone to signal strong buying pressure. The Moving Average Convergence Divergence (MACD) was also bullish, as it stayed above the zero mark with multiple green bars.

If the bullish momentum sustains, buyers can expect to flip the $7 resistance and register further gains at $7.5 to $8. Else, a rejection at the resistance level could see LINK fall into another range between $6.4 to $7.

Buyers remained ahead in the derivatives market

Source: Coinglass

How much are 1,10,100 LINKs worth today?

The one-hour timeframe for the exchange long/short ratio showed buyers firmly in the lead. Longs held 52.93% share of the open contracts which translated to a $2 million difference between longs and shorts. As such, a break above the $7 price level would extend the bullish rally.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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