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Chainlink price analysis: Bullish rally drives LINK prices to $6.82

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis shows a bullish trend
  • LINK prices are facing rejection at $6.84
  • Chainlink prices have established support at $6.35

Chainlink price analysis shows that the coin is in a strong uptrend. The LINK prices have surged by over 9 percent in the past 24 hours and are currently trading at $6.82. The coin has faced rejection at the $6.84 level and has found support at $6.35.The bulls have been in control of the LINK for the last few hours. The bears were unable to push the prices below the $6.35 support level. The LINK prices are expected to continue surging in the near term as the bulls remain in control of the market. The 24-hour trading volume for the coin is $2.82 billion, and the market capitalization is $404 million.

Chainlink Price Analysis for 1-day: Bulls continue pushing LINK prices higher

Chainlink price analysis for the 1-day reveals that the LINK/USD pair is trading between an upper and lower boundary, with the upper boundary at $6.84 and the lower boundary at $6.35.The coin surged to a high of $6.82 after the bears failed to push the prices below the $6.35 support level. The market opened today at $6.75 and the bulls have been in control of the market since the opening.

image 173
LINK/USD 1-day price chart, source: TradingView

The LINK/USD price appears to be moving over the price of the Moving Average,  which indicates that the market is in a bullish trend. The Relative Strength Index(RSI) for the coin is at 61.11, which indicates that the coin is currently in the overbought zone. The bulls are expected to push the prices higher in the near term as the Moving average convergence divergence (MACD) for the coin is in the bullish zone.

Chainlink price analysis on a 4-hour price chart: LINK/USD prices break above $6.82

The 4-hour Chainlink price analysis shows that chainlink prices have broken out of the descending triangle pattern. The LINK prices have surged above the $6 level and are currently trading at $6.82. The market has made higher highs and higher lows, which indicates that the bulls are in control of the market. The prices have found support at $6.35 and are expected to continue surging higher in the near term as the bulls remain in control of the market.

image 174
LINK/USD 4-hour price chart, source: TradingView

The four-hour technical indicators are bullish as the Moving average is moving above the price, while the Relative Strength Index(RSI) for the coin is above the 50 levels. The MACD for the coin is in the bullish zone and is expected to continue rising as the bulls remain in control of the market.

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 trend has been replaced with higher highs and higher lows. The LINK prices are expected to continue surging as the technical indicators remain bullish. The bulls need to break above the $6.84 level to continue the uptrend while the bears need to push the prices below $6.35 for a bearish trend reversal.

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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