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Chainlink price analysis: Cryptocurrency value upgrades to $7.10 as bulls exhibit control

Chainlink price analysis

Chainlink price analysis shows that the LINK/USD pair has gained tremendous value in the recent past and is currently trading at $7.10. The price action is likely to continue in the near future as the support present at $6.85 is very strong. However, the price may face some resistance at $7.12. Overall, the bias is bullish for the near future.

The cryptocurrency market has been seeing a lot of positive momentum in the last 24 hours, with most major assets seeing significant gains, the price for the coin has increased by nearly 3.33 percent in this time. The market capitalization for the coin stands at $3.48 billion, while its trading volume over the past 24 hours has been $260 million.

1-day Chainlink price analysis: LINK/USD trades at $7.10 after a bullish run

The 1-day Chainlink price analysis shows that the LINK/USD pair has been trading in a range of $6.85–$7.12 for the past few hours, and it looks like the bulls are slowly gaining control of the market as they push prices up from the lower end of the range. The market has been able to make higher highs and higher lows, which is a sign of bullish momentum.

image 218
Source: TradingView

The 50 MA is well above the 200 MA, which is a sign that the path of least resistance is to the upside. The RSI indicator is also in bullish territory, which shows that the bulls are in control of the market momentum. The upper limit of the Bollinger Bands indicator is $7.07, which shows that there is some room for prices to move higher in the near future. The lower limit of the Bollinger Bands indicator is $6.74, which is also close to the support level of $6.85.

Chainlink price analysis on a 4-hour price chart: Price shows bullish strength after returning to $7.10

The hourly chart for Chainlink price analysis shows that the LINK/USD pair has formed a bullish flag pattern, which is a continuation pattern. The breakout from this pattern suggests that the bulls are in control of the market and that prices may continue to rise in the near term. The coin today started trading at $7.03 and has made a high of $7.12, but the bulls were unable to sustain these prices, and the coin pulled back to its current price level of $7.10.

image 219
Source: TradingView

The 50 MA is currently at $7.46, and the 200 MA is at $7.21, which clearly shows that the path of least resistance is to the upside. The RSI indicator is also in bullish territory and is currently at 44.24. The Bollinger bands indicator has expanded, which shows that prices may continue to move higher in the near future.

Chainlink price analysis conclusion

In conclusion,  the Chainlink price analysis reveals that the bulls are in control of the market and that prices may continue to rise in the near term. The technical indicators on the 4-hour and 1-day charts are both giving bullish signals, which suggests that prices may continue to rise 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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