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Chainlink price analysis:  Bullish momentum to continue pushing prices towards $7.03

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis suggests a bullish trend
  • Resistance for LINK is present at $7.22
  • Support for LINK/USD is present at $6.86

Chainlink price analysis shows a strong bullish trend for the coin, as it nears its all-time high. Prices are trading very close to the $7 mark, with strong support and resistance levels being formed. A breakout above the $7.22 level could see prices push towards the $8 mark in the near term. On the other hand, a breakdown below $6.86 could see prices retrace towards the $6.50 support level.

image 54
Cryptocurrencies prices heatmap, source: Coin360

Chainlink price analysis shows that the coin has been on a tear in the past few weeks, as it broke out of its descending triangle pattern. Prices have surged by over 30% in the past week alone, as buyers continue to pile into the market. The coin is currently trading very close to its all-time high of $7.03, with a trading volume of $310,392,341.Chainlink has been up by 1.65% in the past 24 hours, as it looks to continue its bullish momentum. Chainlink currently ranks at number 10 on CoinMarketCap, with a total market cap of $3,279,989,946.

Chainlink price movement in the last 24 hours: Bulls mount pressure

The 1-day price chart for Chainlinkprice analysis shows that the coin has been in a strong uptrend over the past24-hours, as it broke out of its descending triangle pattern. Support for the coin was found at the $6.86 level, as buyers pushed prices higher. Prices have surged by over 1.65% in the past 24 hours and are currently trading very close to their all-time high. The bears have made a few attempts to push prices lower, but the bulls have been able to defend the $7 level quite easily. Resistance for LINK is present at the $7.22 level.

image 55
LINK/USD 1-day price chart, source: TradingView

The Technical indicators are currently giving a bullish outlook for the coin, as the Relative Strength Index is above the 50 level, which indicates that the coin is in an uptrend. Moreover, the Bollinger Bands are quite close to each other, which indicates that volatility is low at the moment. The moving averages are all stacked in the order, which is a bullish sign.

Chainlink price action on a 4-hour price chart: Further gains expected

On the 4-hour chart, it can be seen that LINK has formed an ascending triangle pattern, as prices continue to make higher lows. The coin is currently trading very close to its all-time high, with the bulls looking to push prices higher in the near term. The 4-hour Chainlink price analysis confirms an increasing trend as the price has covered an upward movement in the past 8-hours despite the fact that the price breakout was downwards. This can be confirmed from the four-hour price chart, where the green candlesticks appear, indicating a rise in coin value.

image 56
LINK/USD 4-hour price chart, source: TradingView

The bullish momentum has successfully rescued the price above the $7.03 margin, and it seems like the bulls are going to achieve their next target soon. Meanwhile, the MACD and the RSI are both in bullish territory, as the bulls look to take control of the market. while the Bollinger bandwidth has started to contract, which is a sign of low volatility.

Chainlink price analysis conclusion

Chainlink price analysis conclusion, The one-day and four-hour Chainlink price analysis predicts an upward trend for the cryptocurrency as the buying activity rises. The bulls have managed to escape the bearish pressure by upgrading the coin value to a $7.03 lower high. The hourly price action is still trading inside an ascending triangle and a breakout is expected soon. The bulls are currently in control of the market as the technical indicators give a bullish outlook for the coin.

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

joel

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.He loves content and creating features on cryptocurrency.

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