Can Chainlink (LINK) Rise to $9? August 9th LINK Analysis

• When examining the technical chart of LINK in the 3-hour time frame, an upward trend can be observed.
• Closing prices above the $7.64 level support the continuation of the uptrend, while closing prices below it can strengthen the downward trend.
• The nearest resistance level is determined as $8.20. If this resistance is surpassed, the target of $8.77 will come to the forefront.

The technical analysis of Chainlink (LINK) price chart in the 3-hour time frame indicates the continuation of the uptrend. Especially, closing prices above the $7.64 level carry the potential to sustain LINK’s upward movement, and there is a possibility of aiming for higher levels if resistance levels are surpassed.

Medium-Term LINK Analysis

As we continue to update the Chainlink (LINK) price chart, it has provided our readers with a return of over 12% with the upward movement from the region we indicated in our analysis published on July 25th.

Click Here to Review the LINK Analysis We Shared on July 25th.

The nearest resistance level that stands out is $8.20. If the LINK price is supported by daily candlestick closures above $8.20, there is a possibility of moving towards the main target of $8.77. In case this resistance level is surpassed, it is observed that the LINK price may attempt to rise towards the $9 level.

On the other hand, if the LINK price cannot sustain above $8.20, it may exhibit a downward movement towards the nearest support zone at $7.43. If the LINK price encounters strong buying demand from the $7.43 level, it can resume the upward trend.

Short-Term LINK Analysis

When examining the technical chart of LINK in the 3-hour time frame, we observe that the uptrend continues. As long as the $7.64 level mentioned in the analysis is maintained, there is a potential for the LINK price to continue its upward trend towards the $8.13 levels.

However, if the LINK price performs 3-hour candlestick closures below the $7.64 level, it can extend the downward movement towards the $7.42 support zone. At this point, it is important for LINK investors to closely monitor the support at the $7.64 level.

If the LINK price performs 3-hour candlestick closures below the $7.42 level, there is a possibility of extending the downward trend towards the $7.25 levels. However, if strong buying demand is encountered from the $7.42 level, it is observed that the LINK price can continue its upward trend from this zone, targeting first the $8.13 level and then the $8.50 levels.