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Chainlink Price Analysis: LINK floats slightly above $25 support

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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 price is steadily rising for the fifth day in a row, according to Chainlink‘s price analysis. The cryptocurrency has made significant gains due to the bullish momentum, as the price has reached the top limit of last week’s value. Resistance for LINK/USD is seen at $28.

LINK/USD 1-day price chart: Violent bulls activate further gains

The price of Chainlink has increased. The LINK/USD is trading at $27.4 as of the writing of this. The crypto pair rose by $1.47 in value in the last 24 hours and 1.3 percent over the previous seven days, according to the 1-day price chart for Chainlink price analysis. The volume was down by 3.8 percent over the past 24 hours, as it’s currently valued at $299 million.

The bullish trend seems to be strong for Chainlink, as the coin has entered an upward channel and is experiencing a steady uptrend. The price action analysis suggests that support for LINK/USD exists at $25.7 (the horizontal level

Chainlink Price Analysis: LINK floats slightly above $25 support 1LINK/USD 1-day price chart. Source: TradingView

The price range for LINK/USD is narrowing, as the Bollinger bands show slow convergence, suggesting that the value of the trade is being restricted. The price rise has stopped but has resumed in tiny amounts from the previous two days, according to the 1-day chart.

Both the upper and lower Bollinger bands are present at $29, which represents a resistance level for LINK/USD, and the lowest band is at $22.9, which acts as a support level.

The RSI is in the upper half of the neutral zone, at index 54, on a slight upward slope. From 14 October forward, there has been a very slow increase in buying activity, as shown by the indicator.

Chainlink price analysis: Recent price developments 

The 4-hour Chainlink price analysis reveals that bears have been unable to overcome the bullish comeback of yesterday’s session, as, after a sharp drop for continuous eight hours, the price function is now once again on an upswing.

The 4-hour chart shows that the volatility has also dropped, with the Bollinger bands steeply converging, suggesting a tight price movement in the future hours. The upper band is at $28, and the lower band is at $26, resulting in an average of $27.

The RSI rose slowly yesterday, reaching index 65 after being on the lower half of the neutral zone for some time. The indicator is now on a rise and has crossed over its halfway point at 50, suggesting that both buyers and sellers are present.

The RSI is at index 56.9 in the neutral zone, indicating a market balance between buying and selling with a slight inclination toward the buyer side.

The larger number of technical indicators are on the upswing, with 14 different technical indicators important to note, including short-term moving averages, as the price is close to breaching above the 4-hour moving average, suggesting a crossover. The MACD and Momentum oscillators also signal an upward trend.

Chainlink price analysis: Conclusion

According to the Chainlink price analysis, the price movement will be less in the coming hours/days as LINK/USD volatility drops. The price of LINK/USD, however, will continue to rise in the upcoming hours according to the technical indicators, as market sentiment is bullish for it.

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.
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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