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Chainlink price analysis: LINK/USD breaks out at $7.72 as bullish succession continues

Chainlink price analysis
TL;DR Breakdown
  • Chainlink price analysis shows a bullish trend
  • Chainlink prices are facing resistance at $7.75
  • LINK prices are up by 5.48 percent

Chainlink price analysis shows that the LINK/USD pair is currently trading at $7.72 after a slight retreat from the daily high of $7.75. The major digital asset has been on an upward trend since yesterday’s intraday low of $6.85. Support for the LINK/USD pair is at $7.07 while resistance lies at $7.75.

The coin is currently trading at $7.72 and is up by 5.48 percent. The market capitalization of the coin has also reached $$3,782,341,574 while the 24-hour trading volume of the coin has also increased and is currently at $609,195,724.

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Chainlink price action on a daily chart: LINK/USD trades at $7.72 after a bullish run

The daily chart for the LINK/USD pair shows that the coin has been on a bullish run since yesterday. The one-day Chainlink price analysis shows LINK price is going on the bullish side as the LINK prices are approaching $7.72 after a successive bullish streak.

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LINK/USD 1-day price chart. Source: TradingView

The price action is currently trading above the moving averages which indicates that the trend is bullish. Moreover, the RSI for the pair is also in the overbought territory which indicates that there is some buying pressure in the market. The RSI is currently at 52.25 which is close to the overbought area. The Bollinger bands are also giving a bullish signal as the price action is well above the upper band. The Upper Bollinger Band is currently at $7.65 while the Lower Bollinger Band is at $7.07.

Chainlink price analysis on a 4-hour price chart: Recent updates

The 4-hour chart for Chainlink price analysis shows that the LINK/USD pair has been on an uptrend since the intraday low of $7.07. The market has formed higher highs and higher lows which is a bullish sign. The price action has also broken out of the descending channel which was acting as resistance for the pair.

image 201
LINK/USD 4-hour price analysis. Source: TradingView

The upper Bollinger Band is currently at $7.75 which acts as immediate resistance for the pair while the lower Bollinger Band is at $7.07 which can be seen as immediate support for the pair. The RSI is currently at 48.02 which indicates that the market is in neutral territory. The LINK price is currently above the Moving Average indicator which is a bullish sign. The moving average is currently at $7.21 which is close to the support level.

Chainlink price analysis conclusion

Chainlink price analysis shows that LINK is currently in a strong uptrend as the bulls take control of the market. The next level of resistance lies at $7.75 which if broken can lead to further gains. The immediate support lies at $7.07 and a break below this level can see the prices retrace to the $6.85 level. The technical indicators are all indicating a bullish trend, and we can expect the prices to head towards $8 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.

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Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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