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Chainlink price analysis: LINK gains tremendous bullish momentum at $7.03

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis shows a bullish trend
  • LINK prices are facing rejection at $7.07
  • Chainlink prices have established support at $6.64

Chainlink price analysis shows that the token has gained tremendous bullish momentum over the past week and is currently trading at the $7.03 mark. The resistance to the token lies at $7.20, and a breakout above this level could see prices rally to $8.On the downside, Chainlink has established support at $6.64, and a break below this level could see prices retrace to $6.42.

The price has increased by 0.27 percent over the last 24 hours, and the LINK token is currently trading at $7.03. The market capitalization of the token has also increased to $3.2 billion, with a 24-hour trading volume of $342 million.

LINK/USD 4-hour price analysis: Latest developments

The 4-hour Chainlink price analysis chart shows that the token has been on an uptrend for the last 4 hours and has managed to form higher lows and higher highs. The token has also broken out of the ascending channel to the upside, which is a bullish signal. However, prices have retraced back into the channel.

image 239
LINK/USD 4-hour price chart, source: TradingView

The LINK/USD price appears to be moving in a broadening wedge pattern, which is a bullish signal. The relative strength index is currently hovering near the overbought levels, which indicates that the prices are overextended in the short term. However, the MACD indicator is still in bullish territory and is gaining momentum. The 50-day moving average is currently flat, and the 200-day moving average is sloping upwards this indicates that the long-term trend is still bullish.

ChainLink price analysis for 1-day

The daily Chainlink price chart shows that prices for the LINK/USD are trading between an upper and lower boundary and trading between the 6.64 and 7.07 levels of support and resistance. The coin surged to a high of $7.20 during the early hours of today but was quickly met with resistance and pulled back to its current level.

image 240
LINK/USD 1-day price chart, source: TradingView

The short-term technical analysis for Chainlink shows that the token is in a strong uptrend and has made higher highs and higher lows over the past 24 hours. Prices are currently facing rejection at $7.07, which is the upper boundary of the ascending channel.

The RSI is currently trading at 52.34, which indicates that the market is neither overbought nor oversold. The MACD indicator is currently in above the zero line, which is a bullish signal. The 50-day moving average is currently at $6.51, while the 200-day moving average is at $5.78 after yesterday’s close.

Chainlink price analysis conclusion

Overall, Chainlink price analysis reveals that the short-term and long-term technical analysis for Chainlink points to a bullish trend. The bears will look to push prices below $6.64 to retest the support at $6.42. On the other hand, the bulls will aim to break out above $7.20 and target the $8 resistance level. Chainlink price analysis shows that the token has gained tremendous bullish momentum over the past week and is currently trading at the $7.03 mark.

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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