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ChainLink price analysis: LINK rises to $7.08 after massive bullish run

ChainLink price analysis: LINK rises to $7.08 after massive bullish run
TL;DR Breakdown
  • ChainLink price analysis is bullish today.
  • The strongest resistance is present at $7.8.
  • LINK trades at $7.08 at writing time.

Chainlink price analysis for 30 May 2022, implies the market is following a solid bullish movement. The price of Chainlink has remained stable over the past few hours. On 29 May 2022, the price spiked and went from $6.3 to $7.03 but gained positive momentum soon after, staying under the $7.2 mark, signifying a powerful bullish momentum. Chainlink maintains a positive movement.

The current price of Chainlink is $7.08, with a trading volume of $341,193,983. Chainlink has been up 6.57% in the last 24 hours. Chainlink currently ranks at #27 with a live market cap of $3,323,087,342.

LINK/USD 4-hour price analysis: Latest developments

Chainlink price analysis reveals the market’s volatility following a slight increasing movement. This means that the price of Chainlink is becoming more prone to undergo variable changes on either extreme. The upper limit of the Bollinger’s band is present at $7.16, which serves as the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is present at $6.07, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls. Although the LINK/USD price appears to be moving downward after breaking the resistance, there’s a strong chance of a reversal movement due to the recent breakout.

image 581
LINK/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 61, showing a stable cryptocurrency stock. This means that Chainlink is entering the overvalued region. Furthermore, the RSI appears to move downward, indicating a decreasing market. The declining RSI represents dominant selling activities and possible reversal tendencies.

Chainlink Price Analysis for 1-day: LINK moves toward stability

Chainlink price analysis reveals the market’s volatility following a declining movement, which means that the price of Chainlink is becoming less prone to experience variable change on either extreme. The upper limit of the Bollinger’s band is present at $7.8, which serves as the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is present at $6.2, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. However, the less volatile market may prove favorable for the bulls as they have good chances of conserving their trend.

However, the price of LINK seems to follow an upward path towards the resistance, which could potentially shift the trend if it breaks; the fluctuation of the cost in either direction will decide the movement depending on the instability of the price in either direction.

image 582
LINK/USD 1-day price chart source: TradingView

The Chainlink price analysis shows the Relative Strength Index (RSI) to be 40, signifying a stable score for the cryptocurrency. This means that the cryptocurrency falls in the lower neutral region. Furthermore, the RSI path seems to follow an upward movement, indicating an increasing market. The rising RSI score also means the dominance of buying activity.

Chainlink Price Analysis Conclusion

The Chainlink price analysis reveals the cryptocurrency to follow a strong upwards trend with much more room for bullish activity. The bulls have currently taken over the market, and the declining volatility favors the bulls, and they might be able to raise the price of LINK significantly and give the bears a run for their money. However, the cryptocurrency might suffer some decline due to the recent breakout.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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