Yesterday, Chainlink price analysis revealed bullish sentiments. Today again, the market trades in the green as expected, after the consistent bearish dips. Currently, LINK/USD has retested the $15 support and the market has improved further. It now gears up to rise beyond the $16 level.
Today, almost all crypto coins continue to trade in greens. The bullish sentiment can be seen in Ethereum and Bitcoin, both of which gained 1.84 percent and 4.26 percent. In a similar manner, ADA, XRP, LTC, DOGE, and other altcoins have also stayed bullish today.
The extent of the bullish sentiments is quite apparent on the 1-day Chainlink price analysis graph. RSI on this chart is at the 42.84 level today with the histogram on the MACD at 0.03 (low but green still). Hence, a moderate amount of bullish momentum is present in the market with slightly decreasing resistance.
The market today shows great promise, as the price continues to increase after overcoming the resistance. There have been small bearish dips in between, but overall positive increments can be seen in the chart.
LINK/USD is fluctuating between $15.1 and $16.1 today. The previous resistance levels have already been crossed and from here, there is a high likelihood of further growth. However, the growth is expected to be slow.
With that, Chainlink currently has a market cap of $16,119,708,407. Along with that, a decrease of 10.14 percent is observed in the trading volume over the last 24 hours. Based on that, LINK/USD currently occupies the 15th rank.
While the market today is quite bullish, $17 might be a long shot. That is because bulls could not push the price as far as they did yesterday. The RSI levels in the 4-hour Chainlink price analysis reveal a slight increase. However, the gradient is certainly not as steep as it was during yesterday’s bull run.
This might indicate that the bulls are inevitably going to get exhausted soon. As a result of this, reaching the $17 mark is not impossible but it is quite difficult. The market is expected to hover around the $15 support and $16.5 before dipping or rising again.
Overall, the volatility is high right now. Hence, it might be difficult to achieve some short-term profits based on the current scenario.
For now, it appears as if the market is enjoying the calm before an upcoming storm. Although MACD and RSI show increasing potential, day-traders would be keen to sell their holdings before Chainlink even hits the $17 mark. After all, the recent dips must have instilled a great deal of fear.
However, considering the high volatility, it is also likely for the market to continue increasing and retest all previous support lines. The next few hours will be critical in determining the market’s direction overnight.
This post was last modified on July 23, 2021 12:19 am
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