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Chainlink price analysis: Bullish momentum regulates as price hovers near $5.96

Chainlink prie analysis

TL;DR Breakdown

  • Chainlink price analysis reveals cryptocurrency is going bullish as per the analysis
  • Price levels gain stability as the price goes above $5.97
  • Support is fixed at $5.90 at the time of writing

Chainlink price analysis is giving us strong bullish signals for the day. The bullish tide has been very strong as the price levels are rising at a frequent and regular rate. The price is present at the $5.96 level which is quite an accomplishment for the buyers. Further advancement from the bullish side is to be expected as the support is stabilized below the $5.90 level. The buying pressure is quite steady as the market capitalization of Chainlink stands at a whopping $3.033 billion, and a 24-hour trading volume of $133 million.

LINK/USD 1-day price chart: Bulls overcome bears after being grounded for a while

The given one-day price chart for Chainlink price analysis is depicting cryptocurrency value is going in a bullish direction. The day has been quite supportive for the buyers as more and more green candlesticks are securing their positions on the price chart. The price levels are rising slowly and right now the price value has reached the $5.96 level which is an appreciable recovery. The bulls are progressing at a very slow pace as the moving average (MA) is still ahead of the current price i.e. at $6.090.

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LINK/USD 24-hour price chart, source: TradingView

The volatility, on the other hand, has which should be taken as a negative sign. The upper value of the Bollinger band is now $7.63 and its lower value is now present at the $5.55 mark. Lastly, the Relative Strength Index (RSI) score has also undergone slight improvement but it is now at 40.94 points.

Chainlink price analysis: Bullish pressure results in a higher price near $5.96

The 4 hours Chainlink price analysis is telling us that the bulls are in full control of the market and they continue to raise the prices higher. The cryptocurrency price has been increasing slowly but surely and it is currently hovering near the $5.96 level, however, the bearish were in control of the market earlier today. The buyers were able to overcome the bearish pressure and now the price is rising at a steady rate.

image 430
LINK/USD 4-hour price chart, source: TradingView

The Moving Average (MA) is still above the current price value i.e. at $5.97 and the Relative Strength Index (RSI) is also doing better than before it is now at 45.34 points which indicates that the buyers are still in control of the market. The upper value of the Bollinger band is now $6.09 and its lower value has dropped to $5.83 which is another sign of bullish pressure.

Chainlink price analysis conclusion

Overall, the Chainlink price analysis shows that the buyers are in control of the market and they have managed to push the price above the $5.96 level. In the upcoming session, we can expect the price to rise higher toward its immediate target of $6.01 and then move further up toward the next resistance near $6.30 if the bears do not intervene.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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