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Chainlink price analysis: Explosive uptrend takes LINK/USD to $8.62

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis shows a bullish trend
  • LINK/USD prices have support at $8.12
  • Chainlink prices are facing resistance at $9.20

Chainlink price analysis reveals that the market is following a complete bullish movement, obtaining significant positive momentum, signifying a gain of positivity for the LINK market. The price of Chainlink has remained positive over the past few hours, as the market started to increase in value soon after and regained most of its value. Moreover, Chainlink has peaked and reached $8.62, just shying away from the $9.20 resistance, as the market is currently having a slight correction.

The market for LINK/USD was in bearish sentiment, as prices constantly declined and reached a low of $7.79, but the market found support at $8.12 and began to regain its value.

LINK/USD 1-day price chart: Price upgrades to $8.62 after bullish turnover

One day Chainlink price analysis shows that the market has started to show some bullish potential today as the market resumes its uptrend after a mild bearish correction. The LINK/USD has gained around 7.28% in value today, as the market is currently trading at $8.62 at this time of writing. The 24-hour trading volume has increased by a small margin, as it is currently measuring $1.32 million. The total market capitalization has increased to $4.29 billion today.

image 124
LINK/USD 1-day price chart, Source: TradingView

The technical indicators are mostly giving bullish signals at this time. The MACD is trending upwards as it nears the zero line, signifying an increase in bullish momentum. The RSI is currently close to the overbought region as it stands at 58.31, which might indicate a small bearish correction in the market. However, the bullish trend is expected to resume soon after. The 50-SMA is trending above the 200-SMA on the 1-day chart, which is a strong bullish signal.

Chainlink price analysis: Recent developments and further technical indications

The hourly chart for Chainlink price analysis supports the buyers as of whole as the price has been rescued from the bearish pressure, and the price has covered a good upside today. However, the coin has been corrected higher for the past four hours. At the same time, the bears haven’t caused any major damage, and the circumstances seem like bulls will take over soon.

image 125
LINK/USD 4-hour price chart, Source: TradingView

The 50 SMA is currently at $8.56, and it is well above the 200 SMA line, while the 200 SMA line is currently at $8.12. The hourly RSI has increased to 53.90, and it might soon enter the overbought zone. The MACD indicator is currently in the bullish zone as the signal line is above the histogram.

Chainlink price analysis conclusion

Chainlink price analysis reveals that cryptocurrency follows an upward trend with much room for activity on the positive extreme. Moreover, the market’s current condition appears to be following a positive approach, as it shows the potential to move to either bullish extreme. The market is expected to touch $9.20 in the near future as the bulls remain in control.

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 Oluwatobi

Joel Oluwatobi

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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