Chainlink Price Analysis: LINK/USD aims $26 ahead of breaking demand zone limits

Chainlink price analysis

TL;DR Breakdown

  • According to the chainlink price analysis, the coin has seen an impressive run-up over the past week
  • Top cryptocurrencies Bitcoin and Ethereum dipped by 1.75% and 4.4%
  • At press time, the RSI has again spiked towards the oversold region

Chainlink Price Analysis: General price overview

The price of chainlink has seen an impressive run-up over the past week. However, it is currently unable to breach through a crucial supply barrier. The recent pullback stems from this inability and presents buyers with another opportunity to buy at lower prices.

Link’s price is likely to regain momentum and trace a  continuation in the next 24 hours. The next resistance level lies at  $24.5, which is within reach of the rising bulls already at $22. Nonetheless, the price was rejected at around $23.50 in the early trading session, following heightened selling pressure resulting from the receding weekend forces. 

The overall cryptocurrency markets traded in the red over the last 24 hours, with top cryptocurrencies Bitcoin and Ethereum dipping 1.75% and 4.4%, respectively. Chainlink fell by 7 percent and is now attempting to consolidate towards an overhead target of $26. 

Chainlink price movement in the last 24 hours: 

The LINK/USD trading pair has performed within a tight range of $22.04 – 23.213, as the present 24-hour trading volume reduced by 10.7 percent, totaling $996 million. The currency is ranked 12th overall by market capitalization, while the 1-day change is up -7.94.

According to the daily Chainlink price analysis, the MACD shows bullish momentum is quickly dwindling. However, the histogram is still red at this time, indicating that the indicator may soon turn back to green when it climbs above the 0.40 mark once more. Meanwhile, while the 12-EMA and 26-EMAs are moving in different directions, any change will soon gain ground. 

Chainlink price analysis
Source: TradingView

Chainlink 4-hour price analysis

Based on the price movements in the 4-hour chart, we can see that CHainlink is preparing for another upward rally later today towards $22.9 and $23.5.  The RSI has been trading in the neutral zone for the past 6 days and does not issue a signal. 

At press time, the RSI has again spiked towards the oversold region, suggesting an increasing bearish presence at current price levels and clearly indicating a sell-off. 

As of this writing, Chainlink is trading at $22.834 against the US dollar.

Chainlink price analysis conclusion

Suppose the bullish momentum resumes at $23.00. In that case, investors can expect a rally with an upswing of 20+ percent to lift prices to reach the upper limit of the demand zone near $25.50 or the upper $26 target if buying pressure increases again.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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