Resistance Reclaimed on the 4H Timeframe

$LINK cleared its nearest resistance at $8.04 earlier in the session, a level that has functioned as a cap for the past few trading periods. The asset is now trading at $8.07, up 6.28% over 24 hours on $333M in volume. This breakout above $8.04 removes an obvious barrier to upside continuation and opens the door to the next structural zone.

Path to $8.62: Intermediate Levels Matter

The next meaningful resistance sits at $8.62 - a level that represents a 6.8% move from current pricing. Between $8.07 and $8.62, traders should monitor $8.30 and $8.45 as potential pause points where momentum could either consolidate or falter. Volume profile and prior swing highs in this zone will determine whether price carves out another leg or pulls back to retest the $8.04 breakout level as support.

Fibonacci extension levels from recent lows add confluence to the $8.62 target, though this is structural context, not a price target. The 78.6% Fibonacci retracement of the recent decline also clusters near $8.35, another inflection zone to monitor on the 1H and 4H charts.

What to Watch: Range Dynamics and Confirmation

Price action over the next 4 to 8 hours will be critical. If $LINK sustains above $8.04 on a 4H close and maintains buying pressure through $8.20, the probability of a test toward $8.62 increases. Conversely, if price rolls over below $8.04 on a retest, it signals the breakout lacked conviction and could lead to consolidation or a move back toward the prior support zone near $7.70.

RSI on the 4H is tracking elevated but not yet in overbought territory, suggesting room for further upside without requiring an immediate pullback. MACD shows positive divergence with the recent breakout, though histogram slope will be the first sign of momentum deterioration if it occurs.