Chainlink price analysis: Cryptocurrency value upgrades to $8.63 after a sudden upturn

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis is bullish today
  • Support for LINK/USD is present at $8.09
  • LINK price is facing resistance at $8.88

The recent price action in Chainlink price analysis indicates that the coin is still enjoying bullish momentum. Chainlink price analysis for today shows that the coin has started the day on a strong note, with buyers pushing the price above $8.09 in terrific fashion. The market has been on a tear over the last week as the bulls seem to be in no mood to let go of their grip on the market.

The LINK/USD price has gained over 5.01 percent in the last 24 hours and is currently trading at $8.63. The coin has a market capitalization of $4.23 billion, and it is ranked 21st on CoinMarketCap. The 24-hour trading volume of the coin is $783 million.

Chainlink price analysis for 1-day price chart: Bulls successful in making a comeback

The one-day Chainlink price analysis confirms a bullish trend for today as the coin value has undergone a considerable improvement. Though the coin value suffered previously, today, the effort from the buyers’ side remained commendable and persistent as the price action has been upward and the price trend line is moving ascendingly.

image 71
Source: Trading View

The moving average (MA) score, which is currently $7.84, is quite supportive and buyers are trying to maintain the price around this level. The volatility in the one-day price chart is comparatively high, with the upper Bollinger band at $8.48 and the lower Bollinger band at $6.23. The Relative Strength Index (RSI) score after today’s improvement has reached index 55.00 and will continue to improve further if the buying activity continues in the market.

LINK /USD 4-hour price chart: Cryptocurrency surpasses hurdles to reach $8.63

The 4-hour Chainlink price analysis favors the bullish side as a strong rise in LINK/USD value was detected in the past few hours. The bulls have been dedicated to rewin their leading position in the market, and so far, their progress has been fascinating. The price experienced a rise to $8.63 in the last four hours because of the bullish trend. Overall the price action has been headed upward for the last 12 hours.

image 72
Source: Trading View

At the same time, the moving average is trading at $8.46, just below the current market value, which indicates that the short-term bullish trend is likely to continue in the market. The Bollinger bands have been quite volatile as of late with the upper Bollinger band and the lower Bollinger band at are widening. The RSI indicator is currently at 63.17 and is climbing higher, which denotes that the buying activity is likely to continue in the market.

Chainlink price analysis conclusion

Chainlink price analysis concludes that LINK prices are currently trading in a bullish manner and are likely to move higher in the near term as the bulls remain in control of the market. However, the bears are may try to make a comeback and push the prices down.

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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