Chainlink price analysis: Price recovers above $7.11 as bulls resist downtrend

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis shows a bullish trend today
  • Strong support for LINK is present at $5.91
  • Resistance for LINK/USD is found at $7.12

Chainlink price analysis confirms an increasing trend for the day as the green candlestick has returned on the price chart once again. Although a downtrend was at its peak in the earlier days, today’s trend has been relatively in favor of the buyers. The green candlestick is marking an upward price movement as the price has once again reached the $7.11 peak.

The LINK/USD price has gained about 4.87% within the last 24 hours and the market cap is sitting at $3,479,556,850, and the 24 -the hour volume is at $1,030,502,939. Strong support for LINK is present at $5.91 as the buyers are able to push back against any bearish pressure and keep the price from falling below this level. As for resistance levels, the nearest one can be found at $7.12 where selling pressure is strong

LINK/USD 1-day price chart: Price draws above $7.11 after bullish input

The one-day Chainlink price analysis is showing support for the bulls today as a substantial amount of rising in LINK/USD value is being observed. This is an encouraging sign for the buyers as the cryptocurrency faced significant damage in the last five hours. The price is now retouching the $7.11 mark, and it can be predicted that a further uptrend is coming ahead. The moving average (MA) value in the one-day price chart is $7.84.

image 151
LINK/USD 1-day price chart. Source: TradingView

The volatility is increasing tremendously, indicating that future trends might be on the bearish side. If we talk about the Bollinger Bands Indicator, its upper band is standing at $8.88, while its lower band is at $6.18. The Relative Strength Index (RSI) score has increased up to 56.72 because of the recent upturn.

Chainlink price analysis: Price curve ascends to $7.11 after recent uprise

The four hours Chainlink price analysis is dictating an increasing trend as the cryptocurrency value significantly improved in the last few hours. The short-term trending line is now moving upward because of the constant rise in LINK/USD value. The price has reached $7.06 as the bullish momentum has been intensifying for the past four hours. The moving average is still at a lower position than the current price, i.e., $6.66.

image 152
LINK/USD 4-hour price analysis. Source: TradingView

The Bollinger bands average is now standing at the $7.08 marker. The upper Bollinger band has now reached the $9.44 position, and the lower Bollinger band has reached the $5.70 point. The RSI curve shows an ascending movement as well, and the score has moved up to 37.28.

Chainlink price analysis conclusion

The one-day and four hours Chainlink price analysis is predicting a bullish trend for the day as a significant amount of rising in coin value is being recorded. The bulls are trying to make their way to lead, and the price has improved up to $7.11 today. The hourly price prediction is also displaying quite favorable results for the bulls. The price has been continually rising for the past few hours because of the bullish efforts.

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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