Chainlink price analysis: LINK rallies towards $26 as bullish impulse returns

Chainlink price analysis LINK rallies towards as bullish impulse returns

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • Support for LINK is present at $25.3.
  • Resistance is found at $27.2.

The Chainlink price analysis is bullish today as coin found support at $25.2 after swinging low towards $23.4 yesterday. Bullish momentum is quite impactful today as a swing high towards $27.6 was also observed during the first four hours of today’s trading session. But as the price went high, breaking past the 26.9 resistance level, selling pressure also started to build, and the price started to oscillate back, returning to $26.3 currently. After $26.9 resistance, the next resistance for LINK is present at $27.2, so we can assume the selling pressure is high above the current price level.

LINK/USD 1-day price chart: Bulls continue upwards trend

The one-day Litecoin price analysis confirms that an uptrend has been taking place for the past two weeks. Even today, an upward price movement has been recorded because of the bullish lead following the retracement observed yesterday. The price is now settling at the $26.3 level, and it is highly expected that it will soon make another attempt at the resistance present at $26.9 as well. Meanwhile, the moving average (MA) value in the one-day price chart is going at $24.2.

Chainlink price analysis: LINK rallies towards $26 as bullish impulse returns 1
LINK/USD 1-day price chart. Source: TradingView

A crossover between SMA 20 and SMA 50 curve was recorded during the last month, which is also a bullish sign as the SMA 20 continues trading above the SMA50. The Bollinger bands indicator dictates the following values for the day; the upper value is at $26.9, representing resistance, while the lower value is at $17.9. The Relative Strength Index (RSI) score is also getting close to the overbought mark, i.e., at 64.

Chainlink price analysis: Recent developments and further technical indications

The price is going high once again, according to the four hours Chainlink price analysis, as the price is in the green zone, but a decreasing trend has been seen dominating the market in the last four hours. Currently, the price is standing at the $26.2 level. A crossover between SMA 20 and SMA 50 took place on 7th January as well, which is also confirming the upturn in price. However, currently, the price function is covering range downwards due to the market pressure at this stage.

Chainlink price analysis: LINK rallies towards $26 as bullish impulse returns 2
LINK/USD 4-hour price chart. Source: TradingView

The volatility has been increasing which, on the other side, is not an encouraging signal. The upper Bollinger band is standing at the $27.5 mark whereas the lower Bollinger band is currently at the $23 mark. The RSI curve is currently headed downwards and is present at index 55.

Chainlink price analysis: Conclusion

The Chainlink price analysis shows a good increase in price value as bulls rallied high at the start of the trading session, however currently, the price is decreasing again due to the market pressure, but as LINK/USD has been bullish since 1st January and the trend has been mostly upwards, we expect LINK to make another attempt at $26.9 in the coming hours and then to reattempt the resistance present at $27.2 later today.

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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