Chainlink price analysis: LINK prices correct as bulls defend $13.8 support

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TL;DR Breakdown

  • Chainlink price analysis is bullish
  • LINK prices are facing resistance at the $14.5
  • Support for LINK prices is present at $13.87
Chainlink price analysis: LINK prices correct as bulls defend $13.8 support 1
Cryptocurrencies prices heatmap, source: Coin360

The Chainlink price analysis reveals a bullish market sentiment after a slight correction from the highs. The LINK/USD pair is trading at $14.28 after a slight surge of 2.27 percent in the last 24 hours. The market sentiment for LINK prices is bullish as bulls defend the $13.8 support. The cryptocurrency is trading above all the moving averages with the 50-day SMA providing support at $13.87.

Chainlink (LINK) prices have corrected lower after hitting an intraday high of $14.5 but bulls are defending the key $13.8 support. Bulls are now aiming for a move above the $14.5 resistance to resume the uptrend. The LINK/USD pair is currently trading around a range of $13.87 to 14.38 as the coin ranks in position 23 overall. The trading volume over a 24-hour period is $430 million, and the total market capitalization for LINK stands at $6.6 billion as the coin dominates 0.35 percent of the total cryptocurrency market.

Chainlink price analysis on a 4-hour price chart: what to expect?

On the 4-hour chart, LINK prices have surged higher after a week-long consolidation near the $12 mark. The cryptocurrency is currently trading around the $14 level as bulls aim for a move above the $14.5 resistance. Prices are currently facing stiff resistance at the $14.5 level as bears try to push prices lower. The $13.8 support is currently being tested as bulls defend the support level. The RSI indicator is well above the 50 level, which indicates that prices may continue to rise in the near term. However, if prices break below the $13.8 support, a further decline towards the $12 level is possible in the near term.

Chainlink price analysis: LINK prices correct as bulls defend $13.8 support 2
LINK/USD 4-hour price chart, source: TradingView

The market sentiment for LINK prices is bullish as bulls defend the $13.8 support. The cryptocurrency is trading above all the moving averages with the 50-day SMA providing support at $13.87. The MACD line is currently above the signal line, which indicates that prices may continue to rise in the near term. However, if prices break below the $13.8 support, a further decline towards the $12 level is possible in the near term.

Chainlink price action on a 1-day price chart: XTZ prices rebound as bulls defend $13.8 support

The 1-day LINK/USD chart reveals a bullish market sentiment as the cryptocurrency trades well above the $13.8 support. Prices are currently testing the $14.5 resistance level as bulls try to resume the uptrend. The EMA ribbon is currently providing support for prices as the coin trades around the $14.3 level, while the MACD line is well above the signal line, which indicates that prices may continue to rise in the near term. However, if prices break below the $13.8 support, a further decline towards the $12 level is possible in the near term.

Chainlink price analysis: LINK prices correct as bulls defend $13.8 support 3
LINK/USD 1-day price chart, source: TradingView

Chainlink prices are rebounding after a slight decline from the previous high of $15. Further technical indications reveal the pair is anticipated to witness a breakout from the current consolidation phase. The RSI line is holding well above the 50 level, which indicates that prices may continue to rise in the near term. The current buying action in the market is likely to see LINK market volatility increase as the Bollinger bands are seen widening.

Chainlink price analysis conclusion

Today’s Chainlink price analysis reveals a bullish market sentiment after a slight correction from the highs. The LINK/USD pair is expected to test the $14.5 resistance as bulls try to resume the uptrend. Bears are also active in the market they try to push prices lower. The $13.8 support is currently being tested as bulls defend the support level. Prices may continue to rise in the near term as technical indicators remain bullish.

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.
Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.I love content and creating features on the cryptocurrency.

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