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Chainlink price analysis: LINK recovers 19.00 as bulls hold strong

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis suggests upwards movement
  • The closest support level lies at $19.00
  • LINK faces resistance at the $20.00 mark

The Chainlink price analysis shows that the bulls were able to find strong support at $18.20 that enabled the buyers to initiate a rally above the $19.00 mark. While the price action finds short-term resistance at $19.20, the market sentiment is bullish suggesting upwards movement. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include AVAX and HEXrecording a 16.55 and a 15.65 percent incline, respectively. 

Chainlink price analysis: LINK recovers $19.00 level

Chainlink price analysis: LINK recovers 19.00 as bulls hold strong 1
Technical indicators for LINK/USDT by Tradingview

Across the technical indicators, the MACD is currently bullish as the indicator has just exhibited a bullish crossover across the 4-hour charts. As such, while the indicator shows low bullish momentum it is bound to increase in the short term as the Chainlink price rises towards the $20.00 resistance. 

The EMAs are currently trading close to the mean position as LINK has observed low net movement across the last few days. At press time, the 12-EMA is moving upwards with a steady slope mirroring the recent price movements. On the other hand, while the 26-EMA follows behind, the slope is much lower indicating the bearish pressure faced by the bulls. 

The RSI is currently neutral and trades above the mean level showing slight bullish dominance over the price action. The indicator hovers at 54.50 index units moving upwards as LINK crosses the $19.20 resistance level. However, the neutral position of the indicator shows that LINK has room for significant bullish movement before the asset would need a trend correction. 

The Bollinger Bands are currently narrow but show divergence as the price action shows steady bullish activity climbing above the indicator’s mean line. The bullish rally has no significant resistances below the $20.00 mark suggesting that the bands may need to diverge too accommodate the movements. However, in the short-term volatility can be expected to remain low. The bands’ mean line provides support at the $19.18 mark while the upper limit acts as resistance at 20.16

Technical analysis for LINK/USDT

Overall, the 4-hour Chainlink forecast issues a sell signal with nine of the 26 major technical indicators showing support to the bulls. On the other hand, eight of the indicators support the bulls suggesting that there is still significant buying activity occurring in the markets. Meanwhile, the remaining nine indicators sit on the fence and issue no signals at the time of writing.

The 24-hour Chainlink price analysis accentuates this sentiment and shows 13 indicators in favor of further downwards movement against three suggesting an upwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over LINK as it shows that the selling pressure still weighs on the price action. At the same time, ten indicators do not support either side of the market.

What to expect from the Chainlink price analysis?

Chainlink price analysis: LINK recovers 19.00 as bulls hold strong 2
4-hour price chart by Tradingiview

The Chainlink price analysis shows that after finding strong support at the $18.25 level, the bulls were enabled to initiate a trend reversal and have recovered the $19.00 mark at press time. The price action finds short-term resistance at $19.20 but no significant resistance lie before the $20.00 mark.

Currently, traders should expect the Chainlink price analysis to move upwards towards the $20.00 mark as the bulls take over the market. The suggestion is reinforced by the short-term technicals and while the mid-term technical analyses are in disagreement they are yet to react to recent market movements.

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.

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