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ChainLink price analysis: LINK/USD regains bullish momentum, spikes above $7.29

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis shows a bullish trend
  • Resistance for LINK is present at $7.45
  • Support for LINK/USD is present at $6.78

Chainlink price analysis shows that LINK/USD has regained its bullish momentum, spiking above $7.29. The bulls are looking to take the price past $7.45 while the bears will be hoping to defend $6.78 and push the price lower. Chainlink‘s price has been on a strong uptrend over the past few days as it surged from $6.78 to $7.29. The price looks poised to continue this trend as it has broken out of the descending triangle pattern that it had been trading in over the past few weeks.

image 108
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 $7.29, with a trading volume of $361,338,884.Chainlink has been up by 7% in the past 24 hours, as it looks to continue its bullish momentum. Chainlink currently ranks at number 15 on CoinMarketCap, with a market cap of $3,408,213,914.

LINK/USD 1-day price chart: Price levels up to $7.29, bulls manage to penetrate

Chainlink price analysis on 24-hour charts shows that LINK/USD has regained its bullish momentum, as the market has spiked above $7.29. The bulls have been able to push the prices higher as they look to take the price past $7.45. The bears attempt to defend $6.78 and push the prices lower, but so far have been unsuccessful.

image 106
LINK/USD 1-day price chart. Source: TradingView

The technical indicators are currently giving mixed signals as the MACD is showing bearish divergence while the RSI has surged above 50 to show that the bulls are in control of the market. The 20-day EMA is below the current market price, which shows that the path of least resistance is to the upside.

LINK/USD 4-hour price chart: Recent developments and further technical indications

Chainlink price analysis on the 4-hour charts confirms an increasing trend as the price has covered an upward movement in the past eight hours despite the fact that the price breakout was downwards. This can be confirmed from the 4-hour price chart, where the green candlesticks appear, indicating a rise in coin value. The bullish momentum has successfully rescued the price above the $7.29 margin, and it seems like the bulls are going to achieve their next target soon.

image 107
LINK/USD 4-hour price analysis. Source: TradingView

The LINK/USD price appears to be moving over the price of the Moving Average Convergence Divergence (MACD), which indicates a possible bullish market in the short term. The Relative Strength Index (RSI) is also heading towards the overbought region, which is yet another positive signal for the bulls. The EMA’s are also in favor of the bulls.

Chainlink price analysis conclusion

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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