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Chainlink price analysis: LINK rose above $5.50 and may break through $8 resistance if it breaks out of that level

Chainlink Price analysis
TL;DR Breakdown
  • Chainlink price analysis is bullish today.
  • Price heading towards $8.
  • Support is found at $4.

Chainlink price analysis shows that the coin has recorded a 9 percent increase in value over the past 24 hours and is currently trading at $6.09. The digital asset is following an ascending parallel channel on the 4-hour chart and is nearing the upper boundary of this pattern, which could act as resistance around $8.

The broader cryptocurrency market is still undergoing a slight correction after the recent surge. However, Chainlink has shown a lot of strength in this market and could break out past $8 resistance if buyers continue to push the price up.

On the 4-hour chart, Chainlink price is following an ascending parallel channel pattern and is currently trading near the upper boundary of this pattern. The digital asset has formed higher highs and higher lows over the past few days, which indicates that bulls are in control of the market.

The MACD indicator is also gaining momentum in the bullish zone and could generate a crossover to signal further upside potential. The RSI indicator is currently trading at 62, which suggests that the coin is neither overbought nor oversold.

Chainlink price is currently trading at $6.09 and is headed towards the $8 resistance level. If buyers are able to push the price past this level, the digital asset could target the $10 level in the near-term.

The digital asset is following an ascending parallel channel on the 4-hour chart and is currently trading at $6.09. The digital asset has formed higher highs and higher lows over the past few days, which indicates that bulls are in control of the market.

Chainlink price is currently trading at $6.09 and is headed towards the $8 resistance level. If buyers are able to push the price past this level, the digital asset could target the $10 level in the near-term.

Chainlink price analysis: 24-hour oversold RSI may provide difficulty in finding uptrend

On the 24-hour Chainlink price analysis chart for Chainlink price analysis, price can be seen forming a steady incline upwards after a bearish week that took price as low as $5.53. Price rose as high as $7.68 in pursuit of the $8 resistance over the past 24 hours, and could consolidate beyond that point over the coming day’s trade. The crucial 50-day exponential moving average (EMA) remains in touching distance of the current trend at $8.10, and would provide as the next target for LINK price.

LINKUSDT 2022 05 16 10 48 36Chainlink price analysis: 24-hour chart. Source: Trading View

The digital asset is following an ascending parallel channel on the 4-hour chart and is currently trading at $6.09. Chainlink price could target the $10 level if buyers are able to push the price past $8 resistance. If this happens, it would take out the last major area of resistance before the coin tests the all-time high at $12.50.

On the other hand, if the price fails to break out past $8 resistance and retraces back down, it could find support around the $5.50 level. This is also the upper boundary of the ascending parallel channel pattern, which could act as

Chainlink price analysis: Conclusion

Overall, the digital asset is in a Consolidation phase and is following an ascending parallel channel on the 4-hour chart. Price has found some support around the $5.50 level and could target the $8 resistance level over the coming days. If buyers are able to push the price past this level, Chainlink price could target the $10 level 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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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