Chainlink price analysis indicates a bullish pattern forming at $6.97 after an uptrend. The LINK/USD pair has been on an upward trajectory since reaching a low of $6.90 in the previous month. The bulls managed to break through the $6.90 resistance level and are now aiming for the $7.00 mark.
Near-term support for the LINK/USD pair has been established at $6.90, and if it holds, the bulls could push prices higher. The resistance level of $7.02 is the main target for upside momentum in the short term. LINK/USD is forming a bullish pattern on the daily chart with higher highs and higher lows with a market cap of around $3.54 billion and a 24-hour trading volume of about $198 billion.
Chainlink 1-day price chart: The LINK/USD continues upside
The 1-day price chart for Chainklink price analysis shows the LINK/USD is aggressively bullish today as well, and yet no slowdown has been observed, as the LINK/USD trades hands at $6.97 at the time of writing. The Token reports a massive gain of 1.01 percent over the last 24 hours, as more buying pressure emerges with the bullish trend.
The moving averages indicate buyers are in charge as the 50-day MA is now above its 200-day MA. The Relative Strength Index (RSI) also suggests a bullish momentum for LINK/USD, which indicates that the prices may continue to rise in the coming days. The moving average converges/diverges (MACD) is also in the bullish zone and has formed a golden cross over its signal line, indicating that more buying pressure may be coming.
Chainlink price analysis 4-hour: LINK gains momentum as more buying pressure emerges
Chainlink price analysis 4-hour price chart shows that the LINK/USD pair is in an uptrend after a long period of bearish market conditions. The downtrend is slowly turning into a bullish trend as the pair manages to stay above its lower range of $6.90. The ascending triangle pattern indicates that the buyers are trying to break above the $7.02 resistance level, and a break above this level might open up more room for upside gains in the coming days.
The RSI indicator also shows strong buying momentum as it stands at 45.04, indicating that prices may continue to rise in the near term. The MACD has also entered into the positive zone, which is another sign that bulls have control of the market. The moving average is currently at $6.94, which suggests the price can keep going up in the short term.
Chainlink price analysis conclusion:
Chainlink price analysis indicates a bullish pattern forming at $6.97 after an uptrend. The LINK/USD pair has been on an upward trajectory, and support for the LINK/USD has been established at $6.90 if it holds, the bulls could push prices higher. Price analysis suggests that there is strong buying pressure in the market which may lead to further upside momentum in the short term.