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Chainlink price analysis: LINK recovers $7.50, eyes $8.00 resistance next

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis suggests an upwards movement to $8.20
  • LINK faces resistance at the $7.96 mark
  • The closest support level lies at $7.20

The ChainLink price analysis shows that LINK has initiated a swift recovery with the bulls climbing past the $7.750 mark and attempting to break past the $8.00 mark. 

The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include BTC and ETH recording a 5.31 and a 5.50 percent incline respectively.

ChainLink price analysis: LINK recovers $8.00

Chainlink price analysis: LINK recovers $7.50, eyes $8.00 resistance next 1
Technical indicators for LINK/USDT by Tradingview

The MACD is currently bullish as expressed in the green color of the histogram. Furthermore, the indicator shows strong bullish momentum at press time as expressed in the tall height of the histogram. Moreover, the darker shade of the histogram shows an increasing buying activity across the 4-hour charts as the ChainLink price approaches the $8.00 level. 

The EMAs are currently trading high as net price movement over the last five days shows positive movement. Furthermore, as the price action rises to $8.00, the bearish pressure can be expected to increase causing the EMAs’ gradient to decline in the short term. The 12-EMA is currently rising at a steeper slope than the 26-EMA suggesting a further increase in bullish momentum. 

The RSI was trading in the neutral zone until yesterday but now shows a rise into the overbought region and issues a sell signal. Furthermore, the indicator’s current position leaves low room for further upwards movement across the short-term charts. On the other hand, the indicator moves horizontally at press time showing an increasing selling pressure in recent hours. 

The Bollinger Bands are wide at the moment and show further divergence as the price action breaks above the upper limit of the indicator. As the bulls breakout above the $8.00 mark, the Bollinger Bands would only continue widening to facilitate the volatile price movement. At press time, the indicator’s mean line provides support at the $7.20 mark, while the mean line presents a resistance level at the $7.96 mark. 

Technical analyses for LINK/USDT 

Overall, the 4-hour ChainLink price analysis issues a buy signal with 13 of the 26 major technical indicators supporting the bulls. On the other hand, seven of the indicators support the bears showing significant bearish presence in recent hours. At the same time, six indicators sit on the fence and support neither side of the market.

The 24-hour ChainLink price analysis shares this sentiment and also issues a buy signal with nine indicators suggesting a upwards breakdown against seven indicators suggesting a downwards movement. The analysis reaffirms the bullish dominance across the mid-term charts while but shows strong selling pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from ChainLink price analysis?

Chainlink price analysis: LINK recovers $7.50, eyes $8.00 resistance next 2
4-hour price chart by Tradingview

The ChainLink price analysis shows that after falling to the $6.750 mark, LINK was able to show a swift recovery and has recovered to the $7.80 mark with strong buying activity. At press time, the bulls remain strong as the price action challenges the $8.00 resistance level. 

Traders can expect LINK to continue moving upwards as the price action continues to observe strong bullish movement across the 4-hour charts. The price can be expected to settle above the $8.00 mark as the bulls exhaust themselves. However, if the buyers are unable to hold the level, the price may see sharp retracement to the $7.50 mark.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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