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Chainlink price analysis: Prices continue soaring as LINK reclaims the $17.13 mark

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TL;DR Breakdown

  • Chainlink price analysis shows an uptrend
  • LINK prices have seen resistance at $17.31
  • Key support for LINK is currently present at $16.97
Chainlink price analysis: Prices continue soaring as LINK reclaims the $17.13 mark 1
Cryptocurrencies prices heatmap, source: Coin360

Today’s Chainlink price analysis favors the bulls who have managed to push prices above the $17 level, with LINK now trading at $17.13, an increase of 5.86 percent. LINK trading volume has seen a significant increase of 31 percent in the past 24 hours, and a market capitalization currently sitting at $7,998,028,703.51.

Chainlink price analysis over the past 24 hours shows an uptrend as bulls push prices higher. The cryptocurrency is currently changing hands at $17.13 after opening the day at $16.97. LINK formed a daily at $17.31, where prices faced rejection and pulled back to the current level. LINK has found support at the $16.97 level and is currently pushing higher as buyers look to reclaim the $17.31 level.

Chainlink price action on a 1-day price chart: LINK prices soars to $17.13

The 1-day price chart for Chainlink price analysis shows the bulls have controlled the price action for most of the week, and the LINK/USD price value has recovered above $17.13. After the initial drop to $15.97, prices have been on an uptrend as buyers push prices higher. The price reached a high of $17.31 but faced rejection and pulled back to the current level. The bullish trend is evident as the MACD line trades above the signal line, and a bullish crossover is also apparent. The RSI indicator is trading near the overbought levels of 70, which indicates that the prices may be due for a correction in the short term.

Chainlink price analysis: Prices continue soaring as LINK reclaims the $17.13 mark 2
LINK/USD 1-day price chart, source: TradingView

Chainlink price analysis on the 1-day price chart reveals an increase in market volatility whereby the Bollinger bands continue to widen. The upper band is at $17.34, and the lower band is present at $16.78. The increasing volatility signifies that the market is preparing for a breakout as prices are expected to continue to increase.

Chainlink price analysis on a 4-hour price chart: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis reveals an uptrend as bulls push prices higher. The buyers appear to be more active in the market, with the price rising over the last four hours. Prices reached a high of $17.31, but the buyers failed to sustain the momentum as prices pulled back to the current level. The MACD line is headed towards a bullish crossover as the signal line is trading below the MACD line. The RSI indicator is currently trading at 61.39 and is heading towards overbought levels, which indicates that prices may soon endure a correction in the short term.

Chainlink price analysis: Prices continue soaring as LINK reclaims the $17.13 mark 3
LINK/USD 4-hours price chart, source: TradingView

Chainlink prices are likely to adopt a further bullish trend as the EMAs are in a convergence. The 50 EMA is seen to be trading at $16.53, and the 100 EMA trades at $15.74. This convergence indicates that the bulls control the market as prices are expected to continue to surge in the near future. The LINK/USD pair is currently trading at $17.16 and is up by 5.86 percent on the day. The cryptocurrency is expected to continue its upward movement as buyers look for ways to push prices above the $17.31 resistance level.

Chainlink price analysis conclusion

The overall Chainlink price analysis confirms that the market’s bullish sentiment remains intact as prices continue to soar. We may be due for a correction in the short term as the RSI indicator currently trades near the overbought level. However, prices are expected to continue rising as bulls look for ways to push prices above the $17.13 resistance level. Nevertheless, it is still early to say that LINK has completely established a firm uptrend as the bears could still make a comeback and push prices lower.

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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