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Chainlink price analysis: Price recovers above $24.5 as bulls resist downtrend

Chainlink price analysis Price recovers above as bulls resist downtrend

TL;DR Breakdown

  • Price has improved up to $24.55 level.
  • Chainlink price analysis supports bulls.
  • Support level is still stable at $22.54.

LINK/USD 1-day price chart: Price draws above $24.54 after bullish input

The one-day Chainlink price analysis is showing support for the bulls today as a substantial amount of rising in LINK/USD value is being observed. This is an encouraging sign for the buyers as the cryptocurrency faced significant damage in the prior weeks. The price is now retouching the $24.55 mark, and it can be predicted that a further uptrend is coming ahead. The moving average (MA) value in the one-day price chart is $26.66.

Chainlink price analysis: Price recovers above $24.5 as bulls resist downtrend 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is increasing tremendously, indicating that future trends might be on the bearish side. If we talk about the Bollinger Bands Indicator, its upper band is standing at $37.08 while its lower band is at $22.54. The Relative Strength Index (RSI) score has increased up to 35.58 because of the recent upturn.

Chainlink price analysis: Price curve ascends to $24.55 after recent uprise

The four hours Chainlink price analysis is dictating an increasing trend as the cryptocurrency value significantly improved in the last few hours. The short-term trending line is now moving upward because of the constant rise in LINK/USD value. The price has reached $24.55 as the bullish momentum has been intensifying for the past four hours. The moving average is still at a lower position than the current price, i.e., $24.33.

Chainlink price analysis: Price recovers above $24.5 as bulls resist downtrend 2
LINK/USD 4-hours price chart. Source: TradingView

The Bollinger bands average is now standing at the $25.42 marker. The upper Bollinger band has now reached the $27.69 position, and the lower Bollinger band has reached $23.135 point. The RSI curve shows an ascending movement as well, and the score has moved up to 40.88.

Chainlink price analysis: Price recovers above $24.5 as bulls resist downtrend 3
LINK/USD technical indicators chart. Source: TradingView

The bears have been leading the market for the past few weeks as a constant downward trend has been going on. The technical indicators chart is thus giving out a bearish signal because of the rise in selling activity. Fourteen indicators are on the selling position, seven arrows are on the neutral position, and five hands are on the buying position.

The Moving Averages Indicator also gives a solid bearish indication. 13 indicators are present on the selling position while one indicator is neutral and buying. The Oscillators confirm the uptrend for the day, and six oscillators are on a neutral point; four oscillators are on buying point while one indicator is on the selling point.

Chainlink price analysis conclusion

The one-day and four hours Chainlink price analysis is predicting a bullish trend for the day as a significant amount of rising in coin value is being recorded. The bulls are trying to make their way to lead, and the price has improved up to $24.55 today. The hourly price prediction is also displaying quite favorable results for the bulls. The price has been continually rising for the past few hours because of the bullish efforts.

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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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