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Chainlink price analysis: Bullish breakout pushes LINK/USD past $15.65 level

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis is bullish
  • LINK prices have strong support at $14.60
  • Chainlink prices are facing resistance at $15.72
Chainlink price analysis: Bullish breakout pushes LINK/USD past $15.65 level 1
Cryptocurrencies prices heatmap, source: Coin360

The Chainlink price analysis is favoring the bullish sentiment of the market as bulls have managed to take firm control of LINK prices. Chainlink prices are up with a significant percentage of 7.86, with prices soaring to $15.67.Support for LINK prices has been established at $14.60, while resistance is currently at $15.72. The next key levels to watch for will be $16.78 and $17.85 respectively. Chainlink’s recent price performance has been nothing short of impressive, with the digital asset managing to surge by over 7% in the past 24-hours alone. This rally has allowed LINK to climb back above the $15.00 level and it is now trading at its highest level since mid-September.

The bullish breakout pushing LINK prices past the $15.65 level signals increased confidence from traders and investors in the market’s ability to move higher. Bulls are likely to continue rallying prices as they aim to test the $17.85 resistance level in the near future. Conversely, a breakdown below the $14.60 support could see prices drop back to $12.50.The Chainlink trading volume has increased as well as the market’s price. Chainlink has traded at a range of $13.27 to $16.12 in the past 24-hours, with a volume of $236.6 million.

Chainlink price analysis in a 1-day price chart: LINK/USD prices surge by 7.86%

Looking at the 1-day price chart for LINK/USD, we can see that prices have surged by a total of 7.86%. The market has broken out from a descending triangle pattern as well as the $15.00 resistance level. The next level of resistance lies at $15.72, followed by $16.78 and $17.85 respectively. On the other hand, support lies at $14.60 and $13.50 respectively.

Chainlink market volatility has increased as prices surged to new yearly highs as the Bollinger bands have begun to expand, which indicates increased price volatility in the near future. The upper band is acting as the immediate resistance while the lower band has flipped to support. Also, the EMAs are starting to trend higher, which is indicative of a strong bullish trend. If the bulls can maintain control of prices, then we could see LINK reach $20 in the near future. The MACD line (blue) has crossed above the signal line (red), which is a bullish sign. Furthermore, the MACD histogram has entered into positive territory, which is another bullish sign.

Chainlink price analysis: Bullish breakout pushes LINK/USD past $15.65 level 2
LINK/USD 4-hour price chart, source: TradingView

Lastly, the relative strength index (RSI) has also surged into overbought territory, which suggests that a pullback may be imminent. However, the RSI is still in bullish territory, which suggests that the bulls are in control of prices.

Chainlink price analysis on a 4-hour price chart: LINK/USD breaks past the previous resistance of $15.3

The 4-hour price chart for LINK/USD shows us that the market has been in a strong uptrend since mid-September. Prices have surged by a total of over 25% from lows of $12.50 to highs of $15.67 reached today. The buying pressure behind this uptrend is strong as the RSI has been in overbought territory for most of the past few weeks.

Chainlink price analysis: Bullish breakout pushes LINK/USD past $15.65 level 3
LINK/USD 4-hour price chart, source: TradingView

The technical indicators on the 4-hour price chart are all giving bullish signals. The MACD is currently in positive territory as the blue line has crossed above the signal line. Furthermore, the MACD histogram is increasing, which is a sign that the buying pressure is increasing. Lastly, the RSI is residing on the overbought territory, which is a bullish sign. The Parabolic SAR is currently below the price of candles, which suggests that the bulls are in control of prices.

Chainlink price analysis conclusion

Chainlink’s overall market sentiment is bullish. Based on the technical indicators and market sentiment, it seems as though the bulls are in control of prices and are likely to continue rallying prices higher. The next level of resistance lies at $17.85, followed by $20.00. If the bulls can maintain control of prices, then we could see LINK reach these levels in the near future.

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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