Chainlink Market Update: LINK/USD consistently rising to take down resistance at $8.00

• Chainlink breaks out above a descending trendline renewing the bullish case to $8.00.
• LINK/USD bulls are working hard to hold above the 50% Fibonacci level after hitting a barrier at $7.85.

Chainlink has engaged forward gears even though the majority of the major cryptocurrencies are taking a breather after an impressive trading week. LINK/USD has stepped above the 50% Fibonacci level taken between the last swing high of $8.89 to a swing low of $6.55. At the time of writing, the token is teetering at $7.73 while clinging to the same fib level following a minor retreat due to the presence of selling pressure while closing in on $8.00.

According to the technical picture, Chainlink is comfortably sitting in the hands of the bulls. The RSI, for instance, is currently in the overbought for the first time since mid-July. Bulls seem to be losing traction due to the lack of enough volume needed to sustain gains to $8.00. The more the price delays the spike above $8.00, the stronger the sellers become.

On the bright side, the Elliot Wave Oscillator has started a fresh bullish session. It is, however, not clear how long the session will last because in July both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators like the RSI and the MACD. In addition, the gap made by the 50 SMA above the 100 SMA in the 1-hour range emphasizes that buyers have an upper hand, at least for now.

LINK/USD 1-hour chart