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Chainlink price analysis: LINK prices revisit $17.1, a bullish trend to follow?

link

TL;DR Breakdown

  • Chainlink price analysis shows that LINK is in an uptrend
  • LINK/USD prices are facing resistance at $17.45
  • Chainlink prices have set firm support at $16.8
Chainlink price analysis: LINK prices revisit $17.1, a bullish trend to follow? 1
Cryptocurrencies prices heatmap, source: Coin360

Chainlink price analysis today shows that LINK prices opened the daily trading session with a sideways trend. The LINK/USD prices revisited $17.1 but failed to break the resistance. The bullish trend is still likely to follow as the market sentiment leans towards positive indicators. The immediate support is at $16.8, followed by $16.2 and $15.6.The coin has seen some dynamic price changes in the past week, with a rise of 0.57percent. The market cap currently stands at $7 billion, ranking it at position 23 in the cryptocurrency market.

Chainlink prices have been moving between a range of $16.62 to $17.45, with a total trading volume of $721,449,372.37.LINK prices are currently trading at $17.15 at the moment of writing, with total dominance of 0.37 percent. Chainlink‘s price increase has been attributed to the present buying pressure that has been witnessed during the opening of the daily market.

Chainlink price action on a 1-day price chart: Bulls are targeting to break the $17.45 resistance

The 1-day price chart for LINK/USD shows that the token is in an uptrend. The support line is at $16.8, while the resistance line is at $17.45. The market sentiment is leaning towards the bulls, with an RSI of 54. The MACD lines show that the token has a bullish momentum, with the 12-day moving average crossing above the 26-day moving average. The parabolic SAR markers are below the price of candles, indicating a bullish trend.

Chainlink price analysis: LINK prices revisit $17.1, a bullish trend to follow? 2
LINK/USD 1-day price chart, source: TradingView

The Chaikin Money Flow (CMF) indicator is also in bullish territory, with a value of 0.09. The prices are currently facing resistance at $17.45, which if broken could push the prices up to $18.5. The support line is at $16.8, with a potential fall to $15.6 if the resistance is not broken. The 50 EMA line is also above the 200 EMA line, indicating that the bullish momentum is still in effect.

Chainlink price analysis on a 4-hour chart: LINK/USD could rise to $19.5 if the resistance is broken

The 4-hour price chart for LINK/USD shows that the market has been in an uptrend over the past few days. Bulls have gathered to push LINK prices upwards, with the RSI of 63. The MACD lines indicate a strong bullish momentum, with the 12-day moving average line crossing above the 26-day moving average line. The Chaikin Money Flow (CMF) indicator is also in positive territory, with a value of 0.27.

Chainlink price analysis: LINK prices revisit $17.1, a bullish trend to follow? 3
LINK/USD 4-hour price chart, source: TradingView

The prices are currently facing resistance at $17.45, which if broken could push the prices up to $19.5. The support line is at $16.8, with a potential fall to $15.6 if the resistance is not broken. The 50 EMA line is also above the 200 EMA line, indicating that the bullish momentum is still in effect. The market volatility for Chainlink is on the rise as the Bollinger bands are starting to widen, with the upper band stretching towards the resistance levels.

Chainlink price analysis Conclusion

Chainlink price analysis shows that LINK is in an uptrend, with the prices testing the resistance at $17.45. The bullish trend is still likely to follow as the market sentiment leans towards positive indicators. The overall market sentiment is leaning bullish, as shown by the indicators on the 1-day and 4-hour price charts. The resistance at $17.45 should be targeted in order to break the current sideways trend and initiate a bullish rally. However, should the resistance be not broken, the prices could fall to $16.8 as the support line.

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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