Chainlink price analysis: LINK/USD to record more gains in the next 24 hours

Chainlink Price Analysis

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.

Today’s Chainlink price analysis is conveying a bullish signal. The price function was down for the previous three days, but today it has risen above the range and is covering it upward as bulls succeeded in deflecting the price function and pushing up the value from the $33 to $34 range in a short period. Today, market sentiment is bullish for LINK/USD, and a further rise in price is expected.

LINK/USD price movement in the last 24 hours: Bulls leading the price function

The price of Chainlink is now up to $34.2, which is a good step forward after three days of losses. Over the past 24 hours, the Chainlink has appreciated by 2.2%, and over the previous seven days, it has appreciated by 2%. However, trading volume decreased by 6.7 percent, while market capitalization increased by 1.5 percent during this period.

The LINK/USD pair is little-changed, with the Bollinger bands expanded but not beyond the limit. The upper band of the Bollinger bands represents resistance for LINK/USD at $35, while the average of the two bands is near $32, which serves as support.

The RSI is in the upper half of the neutral zone and has an upwards slope, trading at index 46. The indicator offers a large area for a more bullish advance.

LINK/USD four-hour price analysis chart: Technicals are bullish on Link

Chainlink’s price also employs a similar pattern as Bitcoin, with the two currencies maintaining their higher levels. During the previous four hours, there has been no sign of bearish resistance, and the market situation now indicates that bulls will win.

Chainlink price analysis: LINK/USD to record more gains in the next 24 hours 1
LINK/USD 4-hours price chart. Source: TradingView

On the 4-hour chart, the LINK/USD pair’s volatility has decreased as Bollinger bands are narrowing down with the upper band at $34.4 serving as resistance for LINK and the lower band at $33.7, marking a mean average line below the price level representing support for the cryptocurrency pair. The RSI is close to neutral territory, with index 53 trading at a modest uphill slope.

Overall, the LINK/USD is in a strong uptrend; the technical indicators are also biased toward the bulls, with 14 buy signals and just two sell signals produced by 26 technical indicators. While 10 technical factors are neutral out of a possible 26, and just one is bearish out of a possible 13.

Bullish sentiment and technical analysis for LINK/USD suggest a potential for growth in the short term. The current $33 handle now acts as a support for LINK/USD, while the resistance level at $36 functions as a target price area to reach before considering further gains.

Chainlink price analysis: Conclusion

The Chainlink price analysis shows that the bulls are making good progress, and if LINK receives enough backing from buyers, the price may break above $36. However, selling pressure is also present in the $35 range, and LTC bull enthusiasts will require further impetus to succeed.

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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