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Chainlink price analysis: Bullish flight continues as LINK nears $28

TL;DR Breakdown

  • Chainlink price analysis is on the bullish side.
  • Support for LINK/USD is present at $25.7 for Chainlink.
  • Resistance for LINK is found at $28.3.

The Chainlink price analysis reveals LINK/USD is in bullish momentum. The price is continuously rising for the fifth day in line. The bullish momentum has helped the cryptocurrency in gaining significant value, as the price has reached the top limit of the previous week. Resistance for LINK/USD is present at $28.3, followed by another resistance at $29.8; in contrast, support is solid at $25.7.

LINK/USD 1-day price chart: bullish flight helps LINK gain significant value

The 1-day price chart for Chainlink price analysis shows an increase in price. The LINK/USD is trading hands at $27.4 at the time of writing. The crypto pair gained a value of $1.47 over the last 24 hours and has gained a value of 1.3 percent over the course of the last seven days. The trading volume is down by 22.3 percent. In contrast, the market cap has increased by 2.27 percent.

LINK/USD 1-day price chart. Source: TradingView

The volatility for LINK/USD is decreasing, as the Bollinger bands show slow convergence, indicating limiting fluctuations in price value. As can be seen on the 1-day chart, the price increment is there but in small amounts from the last two days. However, the upper Bollinger band is present at the $29 mark, representing a resistance level for LINK/USD, and the lower band is present at the $22.9 mark representing the lowest support for LINK/USD.

The relative strength index (RSI) is in the upper half of the neutral zone at index 54 but on a very slight upwards slope. The indicator shows a very slow progression in buying activity from 14th October onwards.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows bulls have countered the bearish attack of the late hours of yesterday’s session and have restored their momentum successfully, as, after a sudden decline for continuous eight hours, price function is again on an up move.

LINK/USD 4-hours price chart. Source: TradingView

The Volatility is also decreasing on the 4-hour chart as the Bollinger bands are steeply converging, indicating limiting price movement for the coming hours. The upper band is at $28, and the lower band is at the $26 mark, making an average at $27 mark. The average of the Bollinger bands is below the price level, providing support for the LINK/USD pair. The RSI is at index 56.9 in the neutral zone and shows no up-down movement indicating a balance in buying and selling in the market with a little inclination towards the buying side.

The larger number of the technical indicators are in favor of the bullish side with amounting to a number of 14 technical indicators, importantly the short-term moving averages, as the price is just to move above the moving average on the 4-hour chart indicating a bullish crossover. And the MACD and the Momentum oscillators also show bullish signs.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests that the price movement will be comparatively less in the coming hours/days as volatility decreases in the LINK/USD price function. However, as the technical indicators are signaling, the price of LINK/USD will be going further up in the coming hours, as the market sentiment is positive for LINK/USD.

Disclaimer. The information provided is not trading advice. 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.

This post was last modified on October 17, 2021 6:42 am

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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