- Chainlink price analysis is bullish.
- Resistance for LINK is present at $14.2.
- Support for LINK is present at $13.1.
The Chainlink price analysis is bullish as it shows the price is on the route to recovery today after correcting for a period of two days. The market was following a bearish trend, but now the situation has changed, and a bullish trend is visible on the charts. Currently, the price is correcting again because, as the price reached $13.8, the selling pressure built. However, the decrease is negligible, and the price will start recovering again hopefully.
LINK/USD 1-day price chart: Market sentiment is positive toward LINK
The 1-day price chart for Chainlink price analysis shows the support appeared for LINK at $13.5, and a small recovery has been observed in the price levels thereon. The crypto pair is trading hands at $13.7 at the time of writing, but as the gains are nominal, the coin reports a loss of 1.36 percent in value for the last 24 hours despite today’s bullish price action. However, the selling pressure is also there as the coin price has slightly decreased as well. The trading volume is on the increasing side as it is 3.11 percent more today.
The volatility for the LINK is high, as the Bollinger Bands indicate, with the Upper band at $17.4 representing the strongest resistance and the lower band at $12.2 representing the strongest support for LINK, making an average at $14.8 above then the price level.
The relative strength index (RSI) is on an upwards curve supporting the bullish side at index 41 in the lower half of the neutral region, but as the curve is upwards, the indicator hints at the buying activity in the market. The moving average (MA) is settled at the $13.9 mark, and the SMA 20 curve is trading below the SMA 50 curve, which is an indication of the bearish pressure.
The 4-hour price chart for Chainlink price analysis shows the price action was bullish for the first eight hours of today’s trading session, but now a correction has started during the last four hours. The price breakout was in the upwards direction today, but the recent correction has brought the price down to $13.7; however, the decrease is almost negligible, and the indication seems to be that the trend will turn bullish in the coming hours.
The volatility is comparatively low on the 4-hour chart as the Bollinger Bands show a narrow range for expected price movement, with the upper band at $14.4, which indicates resistance for the LINK/USD pair price, and the lower band at the $13.6 mark representing the current support level. The RSI has also been on a decreasing trend again as the curve of the indicator has turned down and is currently present at index 45, indicating the selling activity that just started.
The Chainlink price analysis shows that the coin is recovering today as a slight increase in price levels has been observed. However, the selling pressure is still engulfing the market, and the price is headed downwards at the moment. On the other hand, as the correction is also weak, we anticipate that the cryptocurrency will start recovering again, which may continue for the rest of the day.
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