logo

Chainlink price analysis: LINK stuck in bearish headwinds as $6 support looks shaky

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis is bullish for today.
  • LINK/USD pair is facing resistance at $7.5
  • Chainlink prices have support at $5.4.

Chainlink price analysis is bullish today, following the recent breakout above $6. The LINK/USD pair is now trading at $6.72 and facing resistance at $7.5. On the other hand, prices have support at $5.4. A break below this level could see LINK/USD drop to $4.8.

The LINK/USD pair is now trading at $6.72 and facing resistance at $7.5. On the other hand, prices have support at $5.4. A break below this level could see LINK/USD drop to $4.8 in the near term. In the medium-term, Chainlink price analysis is bullish, with prices expected to continue rising towards $10. However, in the short term, there is a possibility of a pullback, especially if LINK fails to close above the $7.5 resistance level.

Looking at the daily chart, we see that Chainlink prices have been on an upward trend in the past few days. Prices have risen from $4.8 to the current level of $6.82. The recent breakout above $6 is a bullish development and could see LINK continue rising towards the $7.5 resistance level. However, if prices fail to close above this level, a pullback to the $5.4 support level is possible according to Chainlink price analysis.

Chainlink price analysis for 1-day: Bullish signals or bearish headwinds?

Chainlink price analysis for the 1-day reveals that bulls push prices higher as the LINK/USD pair trades at $6.82. Prices have been upward recently, with a breakout above the $6 resistance level.

link usd 1d
Source: TradingView

The LINK/USD price appears to be moving over the price of the Moving Average, which is a bullish indicator. There is also a rising positive divergence between the price and the Relative Strength Index (RSI). These indicators suggest that LINK prices are likely to continue rising in the near term according to Chainlink price analysis. The MACD is also rising, which is another bullish indicator. However, the MACD line is close to crossing the signal line, which could be a bearish development.

LINK/USD 4-hour chart: Recent price developments look bearish

The 4-hour chart shows that the LINK/USD pair has formed an ascending triangle pattern. This is a bullish pattern and suggests that prices are likely to continue rising in the near term. Prices are currently trading at $6.82 and facing resistance at $7.5. A break above this level could see Chainlink prices rise towards the $8 resistance level.

link usd 4h
Source: TradingView

The four-hour technical indicators are bullish as the Moving average is above the price, while the coin’s Relative Strength Index (RSI) is above 50. 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 that the LINK/USD pair is currently in a bullish trend and is expected to continue rising in the near term. Prices have support at $5.4; a break below this level could drop prices to $4.8. On the other hand, prices have resistance at $7.5; a break above this level could see Chainlink prices rise towards the $8 resistance level.

The technical indicators are all bullish, which suggests that prices are likely to continue rising in the near term as per Chainlink price analysis. However, in the medium-term, there is a possibility of a pullback as the MACD line is close to crossing over the signal line. Investors should exercise caution at this point and wait for a clear breakout above $7.

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.

Related News

Hot Stories

3A-level game Zalmoxis landed on MEXC launchpad — Hold 10 MX or USDT to participate
MEXC users surpass 10M, and a new futures trading fee deduction is launched
Online Gaming and Web 3.0: Freakzz, the 9,999 NFT collection designed by Game of Thrones artists, introduces a Play-And-Earn game
Dogecoin price analysis: DOGE remains consistent at $0.0608
TRB Price Prediction 2022-2031: Is Tellor (TRB) a Good Investment?

Follow Us

Industry News

Cosmos 2.0: Uniting blockchains, interchain security, new issuance model for ATOM, and more
Bank of International Settlements green signals CBDC
Robinhood partners with Polygon to test Web3 waters. Here’s how
Shark tank's Kevin O'Leary advice to investors
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?