- LINK price shows mixed gestures on 24-hour chart
- Price stuck between a constricted range of $24 and $25 but trading volume increased over 85 percent
- Partnership with Cardano to develop smart contracts expected to raise buyer interest
Chainlink price analysis for the day shows that the token price is hovering between a narrow range of $24.92 and $25.92. A bullish run is expected by LINK as trading volume grows over 85 percent on the intra-day trade, but fails to reflect heavily on price action. Price currently lies on the midpoint of the trading range and could go either way from here. The news regarding Chainlink‘s partnership with Cardano to build secure smart contracts comes as a welcome sign for traders’ interest in the token. If the coin manages to break past the $25 barrier, it could venture forward till $31.82. Price currently sits at $24.51, rising over 5 percent on the day’s trade.
The larger cryptocurrency market continued recoveries today, as Bitcoin consolidated above $43,200. Ethereum rose 5 percent to go back above $3,000 whereas Altcoins showed mixed behaviours. Dogecoin slipped over 4 percent to go below $0.20, Cardano dropped 6 percent at $2.25 as Litecoin, Ripple and Solana showed slight increments.
LINK/USD 24-hour chart: Ascending Triangle appears on intra-day trade to give encouraging outlook
On the 24-hour chart, an Ascending Triangle pattern can be seen forming, presenting a bullish sight over the short-term for LINK. Price continues to be pushed by buyers, however the Relative Strength Index (RSI) value of 45 could still be improved. Price sits just above the 20 and 50-day Exponential Moving Averages (EMAs) and aims to break past the $25 resistance.
The Moving Average Convergence Divergence (MACD) for now shows bearish signals, sitting just below the neutral zone indicating there is further potential for buyer interest in the token. On the 24-hour chart overall, LINK seems to be heading into a positive direction and right now would be a good time for traders to come into the market.
LINK/USD 4-hour chart: RSI jumps to 52 indicating buying movement
The 4-hour chart for Chainlink price analysis also shows positive signs for the token with RSI jumping to 52, indicating buying action in the market. Price has moved well above the simple moving average (SMA) and is looking to consolidate above $24 to continue testing the resistance above.
Over the next trading sessions, if buyer interest consolidates, LINK could move as high as $25.92 which could trigger a bullish run. However, any loss of momentum down to support at $23.92 would invalidate the bullish thesis.
Technical indicators paint a bullish picture for LINK, justified by the massive increase in trading volume over the past day. The token price continues to hover within a narrow price range of $24 and $25, but is expected to breakout as soon as buyer momentum has consolidated.
The bullish run could be triggered past $25.92 and could take Chainlink price as high as $31.84. However, in case momentum drops, the support at $23.92 will be breached and the lowest point in sight could be $19.7.
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