• Chainlink (LINK) prices climbed higher on 7 and 8 August, accompanied by a surge in the Open Interest chart.
• A move above $7.7 could offer a buying opportunity targeting $8-$8.5, while a BTC slump could erase recent gains.
• Short-term sentiment was bullish as speculators flock to the market.
Chainlink Prices Climb Higher
On 7 and 8 August Chainlink prices climbed higher, accompanied by a swift upsurge in the Open Interest chart. This showed speculators were willing to bid for the token and signaled strong bullish sentiment in the short-term.
Chainlink presented the possibility of a rally dependent on market-wide sentiment. If Bitcoin [BTC] can climb past the $30.2k mark, it is possible that LINK could break out past the multiple crucial resistance levels overhead. Yet, a BTC slump could erase recent gains that have been made by Chainlink bulls achieved.
Price Chart Analysis
On the 1-day price chart, despite its structure, Chainlink has been in an uptrend since early July with buyers forcing recovery from support at $7 level. The 4-hour chart showed that Chainlink bulls were in ascendancy again after breaking through market structure on 7 August followed by steady drive upward. The Relative Strength Index rose past neutral 50 to show bullish momentum while Directional Movement Index noted reading of 21.8 on Average Directional Index and saw +DI (green) climb past 20 showing notable uptrend was in progress at press time with LINK trading at $7.47 .However, 1 day timeframe’s bearish order block highlighted by red box suggests price may face rejection when it reaches $7.71 -$7..8 region before moving forward to target $8-$9 area but if LINK breaks through resistance at $7.$9 then long positions can be entered targeting $$8.-$9-.5
Realistic or not here’s LINK’s market cap in BTC’s terms with speculators flocking to markets pushing short term sentiment back into bullish territory once more .
Chainlink prices are climbing higher alongside Bitcoin and there is potential for an uptrend depending on wider market sentiment .A move above the 7.$7 region would present an opportunity for buying positions targeting 8.-$8.-5 while any downward movement from Bitcoin would likely erase recent gains made by Chainlink bulls