Chainlink price analysis: Price rises up to $6.90 level after minimal recovery

Chainlink price analysis: Price rises up to $6.90 level after minimal recovery

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  • Chainlink price analysis shows a bullish trend.
  • Resistance for LINK is present at $7.14.
  • Support for cryptocurrency is at $6.80.

The most recent Chainlink price analysis is in favour of the bulls for the day as a result of the bullish return and the market’s comparatively favourable perception of the crypto pair. The price has been in a negative shadow for the last few days, but the coin is sustaining its price levels, and today a somewhat price rebound is being seen. The price movement indicated by the green candlestick on the price chart is bullish, and the value of LINK/USD has risen to the $6.90 level, however the recovery is small and bearish pressure still persists.

LINK/USD 1-day price chart: Bullish momentum takes LINK value above the $6.90 threshold

As the bulls have made a comeback following a strong bearish trend recorded for the previous three days, the one-day Chainlink price analysis is confirming an upward trend for the day. The LINK/USD value has now risen to $6.90, but the coin is still at a loss of 0.49 percent in value over the last 24 hours, and the green candlestick is a sign that the price is rising as a result of the restatement of the positive momentum. If the bullish efforts continue to show up, further recovery may occur in the upcoming days. The cryptocurrency’s moving average (MA) value is at $7.05, slightly above the price level.

link 1
LINK/USD 1-day price chart. Source: Tradingview

Given that the Bollinger bands still span a larger area, the volatility has been considerable. Today’s values for the Bollinger Bands Indicator are as follows: the higher value is $7.44, which denotes resistance, and the lower value is $6.70, which denotes the strongest support. The Relative Strength Index (RSI) score is trading at index 49 and is in the lower neutral region, suggesting that the bullish side has little momentum.

Chainlink price analysis: recent developments and further technical indications

The 4-hour Chainlink price analysis reveals that the price has been climbing during the first four hours today, however, in the last few hours selling pressure has appeared again. Following a brief retracement at the beginning of the trading session, the most recent downward trend has decreased the cryptocurrency’s value to the $6.90 level. This hints at the presence of the bearish pressure at the current price level as well. The price is currently trading below the $6.94 value of the moving average.

link 4
LINK/USD 4-hours price chart. Source: TradingView

The Bollinger bands, which has an average value of $7.11; as a result of the increase in volatility, further uptrends can be anticipated over the course of the next few hours. The lower Bollinger band value is $6.68, while the upper band value is $7.54. With a reading of the index 43, the RSI is displaying a horizontal curve.

Chainlink price analysis conclusion

Chainlink price analysis suggests the bulls trying to dodged pass the increasing bearish pressure by taking the price high. This is good news for the buyers of the cryptocurrency; on the other hand, there seem to be no chances of a major breakthrough despite the fact that a green candlestick has appeared, as the bullish momentum also lacks the strength and the price can start to decline again any time.

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.

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Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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