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Chainlink price analysis: LINK soars high at $13.5 after a bullish run

LINK

TL;DR Breakdown

  • Chainlink price prediction appears to be bearish.
  • The strongest resistance is present at $16.0.
  • The strongest support is present at $12.4.

The Chainlink price analysis for March 8, 2022, implies the market is following a shaky bearish movement, signifying an excellent start of the month for LINK. The price of Chainlink has remained positive over the past few hours. On March 7, 2022, the price spiked and went from $12.7 to $13.6 but declined soon after under the 12.6 mark, signifying a powerful bearish momentum. Chainlink has reversed its momentum and has started increasing.

The current price of Chainlink is $13.5, with a trading volume of $890,819,890. Chainlink has been up 3.59% in the last 24 hours. Chainlink currently ranks at #23 with a live market cap of $6,290,683,610.

LINK/USD 4-hour price analysis: Latest developments

The Chainlink price analysis reveals the market’s volatility following an increasing movement. This means that the price of Chainlink is becoming more prone to undergo variable change on either extreme. The upper limit of the Bollinger’s band is present at $14.4, which serves as the strongest resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $12.4, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls. However, the LINK/USD price appears to be moving upward towards resistance, which could break the market’s bullish momentum.

Chainlink price analysis: LINK soars high at $13.5 after a bullish run 1
LINK/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 47, showing a stable cryptocurrency stock. This means that the cryptocurrency falls above the lower neutral region. Furthermore, the RSI appears to move upward, indicating an increasing market. The dominance of buying activity causes the increasing RSI score.

Chainlink Price Analysis for 1-day: LINK about to break

The Chainlink price Analysis reveals the market’s volatility following a declining movement, which means that the price of Chainlink is becoming less prone to experience variable change on either extreme. The upper limit of the Bollinger’s band is present at $16, which serves as the strongest resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $12.5, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to have crossed under the curve of the Moving Average just recently. The less volatile market may prove to be favorable for the bulls as they have good chances of taking over their movement.

However, the price of LINK seems to follow a downward path towards the support, which could potentially shift the trend if it breaks; the fluctuation of the cost in either direction will decide the movement depending on the instability of the price in either direction.

Chainlink price analysis: LINK soars high at $13.5 after a bullish run 2
LINK/USD 1-day price chart source: TradingView

The Chainlink price analysis shows the Relative Strength Index (RSI) to be 51, signifying a stable value for the cryptocurrency. This means that the cryptocurrency falls in the upper neutral region. Furthermore, the RSI path seems to have shifted to an upward movement, indicating an increasing market. The rising RSI score also means the dominance of buying activity.

Chainlink Price Analysis Conclusion

The Chainlink price analysis reveals the cryptocurrency to follow an uncertain upwards trend with much room for bullish activity. The bears have currently taken over the market, but the declining volatility favors the bulls, and they might be able to raise the price of LINK significantly and give the bears a run for their money.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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