Chainlink price analysis is indicating a bullish price movement for today after the market trends shifted to the upside. LINK/USD witnessed a quick retracement during the night, to an intraday low of $5.52. However, further losses were prevented as the bulls stepped in, pushing prices back above $5.75.
At the time of writing, LINK/USD is trading around $5.83, up from its opening price of $5.77. The LINK/USD pair is trading above a key resistance area of $5.86, which could lead to further gains in the short term if the bulls are able to maintain the momentum.
LINK/USD 1-day price chart: Bulls lead the price to $5.83 gaining 1.25 percent value
The daily Chainlink price analysis observed a rise in price because of the ongoing bullish wave. Cryptocurrency overcame the sudden pressure from the bears, and the price levels have improved to $5.83 today gaining more than 1.25 percent value during the last 24 hours. It is expected they will achieve a new high above the first resistance level present at $5.86 if the bullish momentum continues.
The exponential moving averages are also suggesting bullishness in the market. The 50 EMA is above the 100 EMA, indicating that buyers are in control of the market sentiment. Furthermore, the MACD is also indicating a bullish crossover as the fast line has crossed over the slow line. The Relative Strength Index (RSI) is currently at 38.69, suggesting that the market is in a state of balance.
Chainlink price analysis: LINK/USD trading above the ascending triangle
The 4-hour Chainlink price analysis shows a progression of green candlesticks which shows a continuous rise in price levels for the last 24 hours. Previously there has been a constant bearish wave dominating the price action, today, the trend is in favor of buyers. The ascending triangle pattern is also forming, and if this pattern holds, then the LINK/USD pair could aim for high levels.
Furthermore, the EMA’s are also supporting the bullish trend as the 20 and 50 EMA lines are above the 100 and 200 EMA lines. The MACD is also in favor of the bulls with a bullish crossover present. The RSI is at a healthy level of 55.50 and is not indicating any kind of overbought or oversold market.
Chainlink price analysis conclusion
The Chainlink price analysis informs that the LINK/USD pair is trading upwards and has broken through the key resistance level of $5.86. The bullish wave is in favor of buyers, and with the current momentum, it could aim for higher levels.
