TL; DR Breakdown
- LINK/USD is expected to trade in a bullish momentum throughout the day.
- Bulls want to surpass the intraday highs of $30.33.
- The BoP indicator implies that the buyers and sellers have the same strength.
Chainlink price analysis: General price overview
Chainlink saw a downfall that was reversed minutes later when the daily Chainlink price analysis chart set in while the bulls controlled the market. The bull dominance did not take long before the sellers came in and caused resistance on the third minute, making the price record a sharp decline to the lowest price on the daily price analysis at$29.4.
The intraday low acted as a support for the bulls. This support seems so strong, aiding the bulls to start an uptrend and forming head and shoulder patterns to highs of $30.36. The bears came in so potent, pushing the price downwards in a falling wedge.
The Bollinger bands widened in the early trading hours, indicating LINK/USD has higher volatility. LINK/USD price was closing towards the upper band of the Bollinger, signalling a potential bull run.
Chainlink price movement in the last 24 hours: LINK/USD high volatility
The overbought condition of the RSI is holding near to the 70.00 index level as it trades in the neutral zone. The indicator had moved into the overbought region yesterday, giving a buy signal followed by a price surge to $31.52 resistance.
LINK/USD price has been in up and down movements. On the 24 hours chart, bulls and bears seem to be having equal strength. The number of the green and red candlesticks seem to equal meaning, bulls and bears are in control of the market.
Four-hour price analysis chart: LINK/USD expected to be bullish
Overall, the 4-hour Chainlink price analysis gives a buying signal, with 13 of the 26 major indicators suggesting a decrease in prices for Chainlink. Only five of the indicators suggest a drop in prices, indicating little bearish presence at the current level. Meanwhile, nine of them are neutral and do not favour either side of LINK/USD.
Source: Tradingview
The BoP indicator is neutral as the buyers and sellers have the same strength. However, the bull power seems to be overwhelming the bears, which could lead to a price surge in the coming trading sessions.
The RSI is leaning n the 50 mark, and it seems to be heading to the overbought region. This is a bullish signal; if the RSI goes past 60, the chances of reaching the overbought region are high. When the RSI is past 70, the bears will not be in a position to reverse the bull trend.
Chainlink price analysis: Conclusion
Most technicals are positive on the LINK/USD price. Buyers are struggling to break through the $30.33 resistance. However, bears are not willing to let the bulls surpass the intraday highs. The bulls seem to be strategizing for an attack and seem to be creating a solid resistance that will enable them to break through the resistance.
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