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Chainlink price analysis: LINK floats at $34, aiming at $36 next

Chainlink price analysis LINK floats at aiming at next

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • Support for LINK/USD is present at $32.8.
  • The resistance for LINK is found at $36.

The Chainlink price analysis is displaying bullish signs today. The price function was downwards from the last three days, but today the price is covering range upwards as bulls successfully diverted the price function and moved up the price from $33 to $34 range in a swift move. Overall market sentiment is in favor of LINK/USD today, and a further increase in price is also expected.

Overall the broader cryptocurrency market observed bullish sentiment over the last 24 hours, including Bitcoin, Ethereum, and most top altcoins observed a positive market sentiment in the last 24 hours and reported gains, with WAX and ANKR topping the list with 38 and 22 percent gains respectively.

LINK/USD 1-day price chart: Bulls leading the price function

The 1-day Chainlink price analysis shows bulls recovered the price up to $34.2 level today, which is good progress after bearing through losses for the last three days. The Chainlink has gained a value of 2.2 percent over the last 24 hours and a value of 2.6 percent over the course of the last seven days. However, the trading volume has gone down by 6.7 percent, but the market cap has increased by 1.5 percent.

Chainlink price analysis: LINK floats at $34, aiming at $36 next 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is mild for the LINK/USD pair as Bollinger bands are expanded but not over the limit, with the upper band at the $35 mark representing resistance for the cryptocurrency and the lower band at the $28 mark, whereas the average of the Bollinger bands is forming at the $32 mark which represents support for LINK/USD.

The relative strength index (RSI) is in the upper half of the neutral zone and shows an upwards curve trading at index 46. The indicator shows a sizeable space for a more bullish run.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis also shows the bullish momentum as the price is continuously rising for the past 20 hours. Today no traces of bearish resistance have been seen yet as market conditions favor bulls, and the coin’s price is expected to rise more.

Chainlink price analysis: LINK floats at $34, aiming at $36 next 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility has decreased for the LINK/USD pair on the 4-hour chart as Bollinger bands are narrowing down with the upper band at $34.4 representing resistance for LINK and the lower band at the $33.7 mark, making a mean average line at $33.7 mark below the price level representing support for the crypto pair. The relative strength index (RSI) is near the center of the neutral zone at index 53, trading at a humble upwards slope.

Overall, the LINK/USD is highly bullish; the technical indicators also support the bullish side, with 14 indicators giving out buy signals and only two indicators giving sell signals. However, 10 technical indicators stand neutral out of a total of 26 technical indicators.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests that the bulls are making good progress, and if LINK gathers enough support from buyers, the price can break above the $36 level. But selling pressure also exists around the $35 range, and LTC bulls need more push for a breakthrough.

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.
Aamir Sheikh

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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