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Chainlink price analysis: LINK/USD struggles at $13.8 as breakout expectations rise

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TL;DR Breakdown

  • Chainlink price analysis is bullish as bulls look for a breakout pattern
  • Resistance is present at $14.5 and $15.6
  • Support is found at $13.8 and $12.2
Chainlink price analysis: LINK/USD struggles at $13.8 as breakout expectations rise 1
Cryptocurrencies prices heatmap, source: Coin360

Chainlink price analysis shows a bullish trend as prices have reached $13.8 on 6th March 2022. The next resistance is seen at $14.5 and $15.6, while the support is found at $13.8 and $12.2. A breakout could happen anytime soon. As per previous Chainlink price analysis, LINK/USD pair price at $13.8 reveals the retrenchment from its previous highs of the $19.0 mark. The market is expected to make a recovery soon, and it is likely that LINK prices will break out of the current resistance levels.

LINK/USD pair prices have been moving at a range of $13.65 to $14.32 with a market cap of $6,527,848,971.79.The 1-day trading volume is at $386 million, dominating 0.37 percent in overall digital assets while ranking position 23 in the entire crypto market. The average price of LINK in the past seven days is $14.05. Chainlink price analysis has seen LINK prices move in an upward movement over the previous few weeks.

LINK price movement in the last 24 hours: Bulls are preparing to take control

Chainlink price analysis on the 1-day price chart we can see that LINK has been in an upward trend since it hit a low of $12.87 on February 18th. The market then made a recovery to reach a high of $15.06 on February 26th. Since then, the market has continued to move in a bullish momentum and has most recently hit a high of $13.8 on March 6th.

The market is currently consolidating in a sideways trend after reaching the resistance at $14.5. The market is likely to break out of this resistance and continue moving in a bullish trend.LINK prices have been in a sideways trend over the past few days.

Chainlink price is attempting to make a breakout from the current resistance levels. If successful, the bulls will take control of the market and push it to new highs. The RSI indicates the market is overbought and is likely to correct soon. Also, the MACD line and the Simple Moving Average lines are also showing the current uptrend.

Chainlink price analysis: LINK/USD struggles at $13.8 as breakout expectations rise 2
LINK/USD 1-day price chart, source: TradingView

The Bollinger bands in the 1-day price chart are giving us a hint on the market possibility to break out as the market volatility is high.

LINK/USD price action in 4-hour price chart: A breakout could happen anytime soon

Looking at the 4-hour price chart, we can see that LINK has been in a sideways trend since it hit a high of $14.32 on February 28th. The market is currently consolidating in a triangle pattern and is likely to break out from this pattern soon.

The RSI (Relative Strength Index) is indicating that the overbought sentiment on the market is likely to correct soon. The MACD (Moving Average Convergence/Divergence) indicator is also showing a bullish divergence, which suggests that the market is likely to break out soon.

Chainlink price analysis: LINK/USD struggles at $13.8 as breakout expectations rise 3
LINK/USD 4-hour price chart, source: TradingView

If the breakout is successful, the bulls will take control of the price movement and push it to new highs. The EMAs (Exponential Moving Averages) are also indicating a bullish trend. The Bollinger bands indicate a rising trend. The upper band, on the other hand, is sloping down, suggesting that the market will correct soon.

Chainlink price analysis conclusion

Chainlink’s price movement today indicates a bullish trend. Chainlink prices have been rising in a positive trend for the past several weeks. The charts show that Chainlink’s price has broken out of the support levels and is on its way to a new high.

The market is expected to break through the current resistance levels and reach a new high. Finally, Chainlink prices are believed to be bullish, and they will soon break out.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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