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Chainlink price analysis: LINK spikes toward $7.04 after a successive bullish streak

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis shows a bullish trend
  • Support for LINK/USD is present at $6.75
  • Chainlink prices are facing resistance at $7.11

Chainlink price analysis for today is indicating a positive trend. Chainlink (LINK) has had a great bullish run over the last 24 hours. The coin is currently trading at $7.04 and is up by 3.16 percent. The market capitalization of the coin has also reached $3.3 billion while the 24-hour trading volume of the coin has also increased and is currently at $313 million. The coin started the day at $6.75 and reached a high of $7.11. The bulls have been able to push the prices higher and are currently facing resistance at $7.11.

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Chainlink price action on a daily chart: LINK gains momentum at $7.04

The one-day Chainlink price analysis shows LINK price is going on the bullish side as the LINK prices are approaching $7.04 after a successive bullish streak. For now, the buyers seem to be in control as they pushed the prices higher from $6.75 to $7.11.

image 218
LINK/USD 1-day price chart, source: TradingView

The current market conditions are in favor of the bulls as the RSI indicator is well above the 60 levels and is currently trading at 64.65. The MACD indicator is also in the bullish zone as the signal line is well above the histogram. The moving averages are also indicating a bullish trend as the 50-day MA is well above the 200-day MA.

Chainlink price analysis on a 4-hour price chart: LINK/USD is facing resistance at $7.11

The 4-hour Chainlink price analysis indicates that LINK prices are currently facing resistance at $7.11 and a break above this level is required for the bulls to take control. The bears might also take advantage of the situation and push the prices lower. The support levels for LINK are at $6.75 and breaking below this level might result in a bearish trend.

image 219
LINK/USD 4-hour price chart, source: Tradingview

The Relative Strength Index is currently trading at 55.07 and is well above the 50 levels, indicating a bullish trend. The MACD line is at 0.0004 and is well above the signal line, indicating a bullish trend. The 50-day MA and 200-day MA both indicate a bullish trend and the market might continue to move in the upward direction.

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 volatility favors the bulls, and they might be able to raise the price of LINK significantly and aim for the $8 level in the near term.

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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