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Chainlink’s LINK price is showing positive signs above $6.80. The price could rally if there is a clear move above the $7.40 resistance zone. Chainlink token price is showing positive signs and rising from $6.50 against the US dollar. The price is trading above the $6.80 level and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $7.08 on the 4-hours chart of the LINK/USD pair (data source from Kraken). The price could rally if there is a clear move above the $7.40 resistance zone. Chainlink (LINK) Eyes Fresh Rally After a major decline, LINK price found support near the $6.00 zone against the US Dollar. A low was formed near $5.90 and the price started a fresh increase, similar to bitcoin and ethereum. There was a clear move above the $6.50 and $7.00 resistance levels. The price even traded close to $7.50. A high is formed near $7.46 and the price is now correcting lower. There was a minor decline below the $7.25 level. The price dropped below the 23.6% Fib retracement level of the upward move from the $6.45 swing low to $7.46 high. Chainlink price is still trading above the $6.80 level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $7.08 on the 4-hours chart of the LINK/USD pair. Source: LINKUSD on TradingView.com On the upside, the price is facing resistance near the $7.30 zone. The first major resistance is near the $7.50 zone. A clear break above $7.50 may possibly start a fresh increase towards the $8.50 and $8.80 levels. The next major resistance is near the $9.20 level, above which the price could revisit $10. Dips Supported? If chainlink’s price fails to climb above the $7.50 resistance level, there could slowly move down. An initial support on the downside is near the $7.08 level and the trend line. A break below the trend line support might push the price further lower towards $6.80 or the 61.8% Fib retracement level of the upward move from the $6.45 swing low to $7.46 high. Any more losses could lead the price towards the $6.50 level. Technical Indicators 4-hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone. 4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level. Major Support Levels – $7.00 and $6.80. Major Resistance Levels – $7.50 and $8.80.