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Chainlink price analysis: LINK breaks past $16.1 resistance

Chainlink price analysis LINK breaks past resistance

TL;DR Breakdown

  • Chainlink price analysis is bullish.
  • Resistance for LINK is present at $16.7.
  • Support for LINK is present at $15.8.

The Chainlink price analysis report favors the bulls today as prices have made considerable gains, reaching the $16.2 level. The bulls have maintained their momentum, and prices have made an impressive recovery after a brief period of decline. Overall, LINK has been on an upward trend for the past few weeks. Bullish efforts have been remarkable in the last two days, and the buying pressure has gained momentum as the price crossed the $16.1 barrier. The next resistance for LINK is present at $16.7, which is within touching distance.

LINK/USD 1-day price chart: Price recovers up to $16.2

The 1-day Chainlink price analysis shows that the coin is bullish, reflected in today’s price function. LINK/USD traded in a narrow range of $15.6 to $16.3. Currently, the coin trades hands at $16.2 at the time of writing, reporting an increase in value of 3.5 percent over the last 24 hours. It reported a growth of 11.6 percent over seven days. The market cap has also increased by 3.11 percent as the trading volume surged by 9.12 percent today.

Chainlink price analysis: LINK breaks past $16.1 resistance 1
LINK/USD 1-day price chart. Source: TradingView

The relative strength index (RSI) suggests the buyers have contributed to the coin’s value as the RSI curve is upwards, and the RSI score has improved to index 60. The moving average (MA) is trading below the price level at $15.5, as the SMA 20 continues trading above the SMA 50 curve.

LINK/USD is also highly volatile, with the upper limit of the Bollinger bands now trading at $16.7 level representing resistance. The lower limit of the indicator is present at the $12.2 mark representing support for the cryptocurrency. The average centerline of the Bollinger bands is present at $14.5.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows more bullish activity on the charts and a continuation of the upwards price function. After the correction on 25th March, the bulls are back in the lead. The trend is the same today as the bulls dominated the market most of the time. The only sustained period of correction is present on the four-hour chart. However, the bulls quickly retook initiative bears, making a comeback as prices got back in the green.

Chainlink price analysis: LINK breaks past $16.1 resistance 2
LINK/USD 4-hours price chart. Source: TradingView

A crossover between SMA 20 and SMA 50 is also expected in the coming hours. The volatility on the 4-hour chart is mild. The upper limit of the Bollinger bands is present at $16.4, and the lower band is present at $15.4. The RSI on the hourly chart is trading at index 59, and the curve is upwards, hinting at buying activity in the market.

Chainlink price analysis conclusion

Overall, the Chainlink price analysis suggests that the coin is bullish today, as price action is under bullish control. We expect LINK to continue further upside today, and it may break past the $16.7 resistance in the coming hours.

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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