- Chainlink is currently trading at $23.1.
- Most technicals are in favour of the bulls.
- LINK/USD is trading in a tight range on the daily Chainlink price analysis chart.
The daily chart shows that LINK/USD has been trading within a tight range of $24.92 – $25.92 after its failed attempt to break out of the range two days ago at around $30. Four-hours charts are taken into consideration mainly because it is more sensitive to price fluctuations.
Technically, LINK/USD has been unable to post any significant bearish or bullish candles over the past 24 hours. However, both Bollinger bands are trending upwards which points at a slight uptrend that may continue throughout the day where bulls are expected to climb over the open-high of $26.
A bullish breakout will likely take place while bulls are expected to break out of the intraday high of $25. However, it is more likely that bears will hold on to their ground and drop LINK/USD down to retest below the intraday low of $24.
The daily chart shows that LINK/USD has been consolidating for the past three days. The 20 day EMA is trending above the 50 day SMA which points at a slight long-term bearish trend. However, both moving averages are flat and the RSI has crossed over to the 40 level which points at neither bulls nor bears controlling the market.
LINK/USD 4-hour chart: LINK starts to rally
The 4-hour chart shows that LINK/USD has been trading within a daily range of $24.92 – $25.92 after failing to break out of the range two days ago at around $30. However, yesterday was more bullish than today as price jumped from $24 to an open-high of $26 before dropping back to the current open-low of $25.8. The uptrend is expected to continue as both Bollinger bands have trended upwards showing a slight increase in volatility.
Given the highly volatile nature of cryptocurrencies, it is expected that short-term traders will always want to buy undervalued altcoins and sell overvalued ones. As pointed out in several articles published on this website, Chainlink price analysis is one of the most important factors that drive these types of trades especially when there are more buyers than sellers at a certain price level. However, according to the charts for this week, there is no clear bearish or bullish pattern that points at a high probability of Chainlink price increase or decreases except that short-term traders may consider buying near $25 when Chainlink enters into consolidation before it rallies again.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.