Chainlink price analysis: LINK continues higher at $14.5 as bulls show momentum

Chainlink price analysis LINK continues higher at as bulls show momentum

TL;DR Breakdown

  • Chainlink price analysis is bullish.
  • Resistance for LINK is present at $14.7.
  • Support for LINK is present at $14.1.

The Chainlink price analysis is on the bullish side as it is showing a slight improvement in the price today, as the price has slightly improved up to the $14.5 level. The price movement has been in a quite narrow range, but the downtrend has been halted for now, despite the fact that bulls also lack the momentum to rule the charts with an iron fist. Yet, the bulls have taken a small step towards recovery today as the green candlestick has finally emerged above the $14.1 resistance mark.

LINK/USD 1-day price chart: Bulls pursue $15 as their next target

The 1-day Chainlink price analysis indicates a slow bullish momentum. However, the bulls have been dominating the market as they have caused a further increase in the price today. The bulls have taken the price to $14.5, and now the coin shows a 3.05 percent increase in price over the last 24 hours, but on the other hand, the coin is still at a loss of 5.42 percent over the past week. The trading volume has also increased by 14.65 percent, and the market cap went up by 3.37 percent today, which has resulted in the market dominance of 0.36 percent.

Chainlink price analysis: LINK continues higher at $14.5 as bulls show momentum 1
LINK/USD 1-day price chart. Source: TradingView

The volatility has been increasing continuously, with the lower limit of the Bollinger bands showing more divergence. The average of the Bollinger bands is forming at $15.6 level above the current price, and its lower and upper values at $18.5 and $12.8, respectively. The moving average (MA) is also trading below the SMA 50 curve at $14.34, but today for the first time, the price has moved above the MA level during the last two weeks. The Relative Strength Index (RSI) shows a score of 45, and the indicator is trading at an upwards curve in the lower half of the neutral zone hinting at the buying activity in the market.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis is giving out a bullish signal as well, as the bulls have ruled the price charts for the 20 hours consecutively, and just recently, the selling pressure has again appeared as the last candlestick is red. But the bullish lead is still prominent as the balance of power is on the bullish side, and the price is trading in greens.

Chainlink price analysis: LINK continues higher at $14.5 as bulls show momentum 2
LINK/USD 4-hours price chart. Source: TradingView

The moving average is below the price value because of the recent bullish trends and is currently standing at $14.2. Moreover, the price went above the upper limit of the Bollinger bands but has corrected down again, and the upper limit of the indicator at $14.59 is now representing the current resistance for LINK. The RSI also took a turn downwards as the correction started, but the score is still on the higher side in the neutral range as the indicator shows a reading of 60 on the 4-hour chart.

Chainlink price analysis conclusion

The Chainlink price analysis is bullish for today as bulls have further increased the cryptocurrency’s price. The most recent price trend line is forming upwards, and a further increase in price level above $14.5 is also expected if the bullish momentum continues.

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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