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Chainlink price analysis: Bullish sequence continues as LINK recovers to $8.31

Chainlink price analysis
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Cryptocurrencies price heat map, Source: Coin360

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 $8.31 and is up by 10.34 percent on the day. The market capitalization of the coin has also reached $4.05 billion while the 24-hour trading volume of the coin is currently at $661 million. The coin started the day at $7.53 and reached a high of $8.31. The bulls have been able to push the prices higher and are currently facing resistance at $8.35

Chainlink price action on a daily chart: LINK/USD faces rejection at $8.35

Chainlink price analysis on 24-hour charts shows that LINK/USD has regained its bullish momentum, as the market has moved above the $8.00 level. The price is testing the $8.35 resistance level, If Chainlink manages to close above this level, it will invalidate the bearish pattern and could lead to a move towards $9. On the downside, initial support is seen at $7.53, a break below this level could see LINK/USD head towards $6.64. The moving average indicator (MA) is keeping its value at $7.46 and is trending horizontally.

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Source: Trading View

The volatility has been comparatively mild, which means further uptrends may follow in the future. Moving on, the Bollinger bands’ values are as such the upper band is at $8.35, representing resistance, whereas the lower band is at $7.53, representing support. The Relative Strength Index (RSI) score is now balancing itself at index 52.18 after the rise in price, but as the price elevation is quite slow, the RSI is also trading at a horizontal line.

LINK/USD 4-hour price chart: Recent updates

The four-hour Chainlink price analysis confirms the increase in price as the bulls made a comeback in the past few hours. They elevated the price significantly yesterday after bears plunged it down. Bulls were successful in recovering from the loss, but they got exhausted afterward, followed by another plunge, which they recovered again. The cryptocurrency recovered again as the price has been uplifted up to $8.31 now.

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Source: Trading View

The moving average (MA) indicator in the 4-hour timeframe is current at $7.89 after the recent hike. The Bollinger Bands have expanded a bit as the upper band is now at $8.23 and the lower band is at $7.38. The bullish momentum has helped the RSI maintain its slight upwards curve as its score has moved up to the index of 61.63.

Chainlink price analysis conclusion

Overall Chainlink price analysis shows that the coin is in a strong bullish momentum as the price has recovered from the slump and is now trading at $8.31.The bulls may face some resistance at this level, but if they manage to push the price above $8.35, we may see LINK/USD head towards the $9.00 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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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