Chainlink price analysis: We expect Link to break through the $28.3 resistance soon

VeChain Price Analysis

TL;DR Breakdown

  • Chainlink price analysis is on the bullish side.
  • LINK/USD is trading at $25.9
  • Resistance for LINK is found at $28.3.

According to Chainlink‘s price analysis, the price steadily increases for the fifth day in a row. The price has surpassed last week’s high due to the bullish momentum, reaching the top limit of its value from $25. Resistance for LINK/USD is anticipated at $28.

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

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 of support).

The bulls will face resistance at $28.3 (the horizontal level of resistance), which they are yet to breakthrough. If they manage to do that, it means that LINK/USD has potential for further gains.

Chainlink price analysis
Source: TradingView

The price range for LINK/USD is narrowing, as the Bollinger bands indicate slow convergence, suggesting that the trade’s value is being restricted. According to the 1-day chart, the price rise has halted but has started up again in tiny amounts from the previous two days.

$29 is the resistance level for LINK/USD, and $22.9 is the support level, as both the upper and lower Bollinger bands are visible at this price.

The RSI is in the upper half of the neutral zone, at index 54, on a modest upslope. The indicator has shown a slow increase in buying activity since October 14th.

LINK/USD four-hour price analysis chart: Low volatility

The 4-hour Chainlink price graph indicates that bears have been unable to prevent the previous session’s bullish rebound, with the price function now on an upswing after a sharp drop for eight continuous hours.

The 4-hour chart indicates that volatility has also dropped, with the Bollinger bands sharply converging, suggesting a tight price movement in the coming hours. The average is $27, depicted by the upper band at $28 and the lower band at $26.

The RSI gradually increased yesterday, rising to index 65 after spending some time on the lower end of the neutral zone. The indicator is rising and has crossed over its 50% mark, suggesting that both buyers and sellers are active.

In the neutral zone, the RSI is at index 56.9, indicating a market balanced between buyers and sellers with a slight preference for the buyer side.

The more significant technical indicators are on the rise, with 14 distinct technological indicators worth noting, such as short-term moving averages, as the price approaches and surpass the 4-hour moving average, suggesting a crossover. The MACD and Momentum oscillators also point to an upward trend.

Chainlink price analysis: Conclusion

The Chainlink price analysis indicates that the price will be less volatile in the coming hours/days as LINK/USD volatility decreases. According to technical indicators, however, the price of LINK/USD will continue to rise in the next few hours.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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