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ChainLink price analysis: LINK rises to $8.4

ChainLink price analysis: LINK rises to $8.4
TL;DR Breakdown
  • ChainLink price analysis is bullish today.
  • The strongest resistance is present at $8.47.
  • ChainLink trades at $8.45 at the time of writing.

ChainLink price analysis for August 8, 2022, reveals the market following a complete bullish movement, obtaining significant positive momentum, signifying a gain of positivity for the LINK market. The price of ChainLink has remained positive over the past few hours. On August 7, 2022, the price spiked from $7.6 to $8.3. However, the market started to increase further in value soon after and gained more of its value. Moreover, ChainLink has peaked and reached $8.5, just shying away from the $8 mark.

The current price of ChainLink is $8.45, with a trading volume of $421,244,778. Chainlink has been up 9.17% in the last 24 hours. ChainLink currently ranks at #23 with a live market cap of $3,968,059,340.

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LINK/USD 4-hour price analysis: Latest developments

ChainLink price analysis reveals the market’s volatility following an opening movement. This means that the price of ChainLink is becoming more prone to the movement towards either extreme, showing increasing dynamics. The Bollinger’s band’s upper limit is $8.39, which is a support point for LINK. Conversely, the lower limit of Bollinger’s band is $7.4, which is another support point 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 upward, illustrating an increasing market. The market appears to be showing bullish potential; however, the market seems to be broken as the LINK price has surpassed the upper limit of the market.

image 58
LINK/USD 4-hour price chart Source: TradingView

ChainLink price analysis reveals that the Relative Strength Index (RSI) is 72, showing an inflated cryptocurrency market. This means that the cryptocurrency falls into the overvaluation region. Furthermore, the RSI appears to move upwards, indicating an increasing market. The dominance of buying activity causes the RSI score to Increase. This means that a reversal movement is imminent as the price cannot stay inflated for long.

ChainLink price analysis for 1-day

ChainLink price analysis reveals the market’s volatility following an increasing movement, which means that the price of ChainLink is becoming more prone to experience variable change on either extreme. The Bollinger’s band’s upper limit is $8.45, serving as LINK’s strongest resistance point. Conversely, the lower limit of Bollinger’s band is at $6.1, which is the strongest support point 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 opening its volatility. This change could’ve played a crucial role in the development of ChainLink. However, the price attempts to break the resistance band of the market, which might reverse the market dynamic completely.

image 59
LINK/USD 1-day price chart Source: TradingView

Chainlink price analysis shows the Relative Strength Index (RSI) to be 66, signifying an overvalued cryptocurrency. This means that the cryptocurrency falls in the overvaluation region. Furthermore, the RSI path seems to have shifted to an upward movement. The increasing RSI score also means dominant buying activities.

ChainLink Price Analysis Conclusion

Chainlink price analysis reveals the cryptocurrency follows an upward trend with much room for activity on the positive extreme. Moreover, the market’s current condition appears to be following a positive approach, as it shows the potential to move to either bullish extreme.

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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