Chainlink price analysis: LINK gains value at $6.77 as bullish momentum recharges

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis shows an uptrend momentum
  • LINK/USD is up by 1.89 percent in the last 24 hours
  • Support for the LINK/USD pair lies around $6.56

The Chainlink price analysis shows an uptrend for the LINK/USD pair. After a strong surge in the past 24 hours, LINK/USD has been gaining value. At the time of writing, LINK/USD is trading at $6.77 with a 1.89-percent gain in the last 24 hours. The bullish sentiment seems to be continuing as LINK gains momentum in the markets and approaches its all-time high of $6.82.

The LINK/USD pair is currently trading slightly higher above $6.56, which is the critical support level and could act as a cushion if the prices fall. The total market capitalization for LINK stands at $3.43 billion with a 24-hour trading volume of $280 million. This shows that investors are actively trading in LINK and this bullish sentiment removes any possibility of a correction in near future.

LINK/USD 1-day price chart: Cryptocurrency value moves past $6.56 as uptrend grows stronger

The daily Chainlink price analysis leads the cryptocurrency buyers, as the coin value is enhanced during the day. The price underwent a significant decrease in previous days, but it seems to have recovered from the decline and is now above $6.56. Today, a rise in LINK/USD value was detected again as the increasing trend has taken it up to $6.77. Because of the upsweep, the price has crossed its moving average (MA) value at $114.30.

image 259
LINK/USD 1-day price chart, source: TradingView

The 9-day EMA has crossed bullishly above the 20-day EMA line during this upwards impulse. This bullish flag is accompanied by another bullish flag present in the daily RSI indicator. At press time, the daily RSI line is positioned above the daily RSI SMA line. In addition to this, the daily RSI line is sloped positively towards the overbought territory.

Chainlink price analysis: Bullish trend gains stability near $6.77 price level

The four-hour Chainlink price analysis shows an upward trend for cryptocurrency. The bullish momentum recovered in the last four hours as the price finally rejoined the $6.77 position. The next few hours are likely to be crucial for LINK/USD as it’s on the verge of breaking out of its current range.

image 258
LINK/USD 4-hour price chart, source: TradingView

The 4-hour moving average is steady in the bullish zone at $6.73 with a bullish crossover indicated on the chart. The 50-day and 200-day MAs are also located in the bullish zone. The 4-hour RSI indicator is sloped positively at 41.52 percent towards the overbought region. This suggests that LINK/USD may experience some selling pressure soon, as the crypto pair has reached an overbought condition. The exponential moving average is currently located above the simple moving average, indicating that a short-term uptrend may be forming. The 21-EMA and 50-EMA have been increasing as well, which could signal a further push upwards.

Chainlink price analysis conclusion

Overall, Chainlink price analysis indicates that LINK/USD is on an uptrend and has the potential for further gains in the near future. It will be interesting to see how long this bullish momentum can last and if LINK/USD will be able to break out of the current range and reach its all-time high. The pair is currently supported by the critical level of $6.56 and with the increased stability, investors can look forward to more positive returns in the near future.

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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