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ChainLink price analysis: LINK surpasses 7.5 after bullish run

ChainLink price analysis: LINK surpasses 7.5 after bullish run
TL;DR Breakdown
  • ChainLink price analysis is bullish today.
  • The strongest resistance is present at $7.9.
  • The strongest support is present at $6.9.

ChainLink price analysis for August 3, 2022, reveals the market following a complete bullish movement, obtaining some positive momentum, signifying a gain of positivity for the LINK market. The price of ChainLink has remained negative over the past few hours. On August 2, 2022, the price crashed from $7.6 to $7. However, the market started to increase in value soon after and regained most of its value. Moreover, ChainLink has peaked and reached $7.5, just shying away from the $7.6 mark.

The current price of ChainLink is $7.5, with a trading volume of $462,731,636. Chainlink has been up 3.82% in the last 24 hours. ChainLink currently ranks at #23 with a live market cap of $3,518,225,239.

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LINK/USD 4-hour price analysis: Latest developments

ChainLink price analysis reveals the market’s volatility following a closing movement. This means that the price of ChainLink is becoming less prone to the movement towards either extreme, showing consistent dynamics. The Bollinger’s band’s upper limit is $7.9, which is the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is $6.9, which is the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls. The LINK/USD price appears to be moving upwards, illustrating an increasing market. The market appears to be showing positive potential.

image 21
LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 51, showing a stable cryptocurrency stock. This means that the cryptocurrency falls into the central neutral region. Furthermore, the RSI appears to move downwards, indicating a decreasing market. The dominance of selling activity causes the RSI score to decrease.

ChainLink price analysis for 1-day

ChainLink price analysis reveals the market’s volatility following a decreasing movement, which means that the price of ChainLink is becoming less prone to experience variable change on either extreme. The Bollinger’s band’s upper limit is $7.9, serving as LINK’s strongest resistance. Conversely, the lower limit of Bollinger’s band is $6, which is the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to have shown bullish dynamics in the last few days. As a result, the market has decided on a positive approach. However, yesterday the trend almost shifted, the price started moving upward, and the market started closing its volatility. This change could’ve played a crucial role in the development of ChainLink. However, the bulls have managed to maintain their trend.

image 22
LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 56, signifying a stable cryptocurrency. This means that the cryptocurrency above is in the upper neutral region. Furthermore, the RSI path seems to have shifted to an upwards movement. The increasing RSI score also means dominant buying activities.

ChainLink Price Analysis Conclusion

Chainlink price analysis reveals the cryptocurrency follows a complete positive trend with much room for activity on further positivity. Moreover, the market has been showing slight indications for a breakout in the upcoming days. As a result, the trend might be reversed, but the bulls will do everything in their power to maintain their power.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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