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Chainlink price analysis: LINK/USD pair might break above the intraday highs of $9 before the daily chart closes

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis is slightly bullish.
  • The closest resistance is found at $9.5.
  • On the downside, support is at $7.6.

Chainlink price analysis is slightly bullish as the LINK/USD pair is trading close to the intraday highs of $9. The bulls will push the price above this level before the day ends. The next resistance is at $9.5. This is followed by $10 and $10.5.

 The bears will be targeting a move below this level, seeing the price head towards $6.8 and $6.5 in the short term.

Looking at the daily chart, we see that the LINK/USD pair has been trading in a range for the past few days. The bulls have been struggling to push the price above $9, and the bears have been failing to push it below $7.2. The current price action is bullish as the price is trading close to the upper end of the range. If the bulls can push the price above $9, we could see a move towards $10, likely to be followed by a retest of the all-time highs at $12.

The closest resistance level is $9.5, while support is $7.6. The MACD shows decreasing bullish momentum. The RSI is in overbought territory. Overall, the technical picture is mixed.

Chainlink price movement in the last 24 hours: LINK/USD is up 1.4%

The nearest resistance is found at $9.5, and a break above this level could take the price to $10. On the downside, support is at $7.6, and a break below this level could see the price retest at the $7.2 level.

image 158
Source: Tradingview

Chainlink (LINK) is currently trading at $8.4 after a slight rally from the daily low of $8.2. The market has been consolidating for the past few days as it formed higher lows and lower highs.

XRP/USD 4-hour chart: Recent price developments

On the 4-hour Chainlink price analysis chart, the LINK/USD pair is trading above the 50-period simple moving average (SMA) and the 200-period SMA, which is a sign of strength in the market.

Chainlink price analysis
Source: Tradingview

The chart above shows the market is in a clear uptrend and is likely to continue higher in the near term. The Relative Strength Index (RSI) on the 4-hour chart is currently at 58.3, which indicates that the market is neither overbought nor oversold.

The MACD on the same chart shows that the cryptocurrency is slightly bullish momentum as the signal line crossover takes place above the zero line.

Chainlink price analysis: Conclusion

In conclusion, the technical picture is mixed, but the market conditions are not conducive to a breakout. We recommend waiting for a better opportunity to enter a position.

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.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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