Chainlink price analysis: LINK trades above $7.28 after a strong day rally

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis indicates a bullish trend.
  • LINK/USD trades in a range of $6.78 and $7.31, after a strong day rally.
  • The LINK/USD is up by 7.74% in the last 24 hours and over 5.4% in the weekly chart.

Chainlink price analysis shows an increase in price today. The LINK/USD pair appears to be in a strong uptrend, likely due to bulls taking advantage of the current market sentiment. The price is currently trading around $7.28 and is still on the rise. The digital token opened the day at around $7.17 and made gains throughout the course of the day to reach its current level. The LINK/USD pair has seen some pullback since reaching its peak but the overall momentum remains bullish.

LINK/USD 1-day price chart: Bullish momentum stimulates to retrieve price over $7.28

The one-day Chainlink price analysis is showing signs of bullish recovery as the green candlestick has returned to the price chart. The past few days have proved crucial for cryptocurrency, as a downward trend has been following. There has been a recurring fall occurring in the coin value, but today its value has been restored to $7.28 with a gain of 7.74%.

image 277
LINK/USD 24-hour price chart, source: TradingView

The current value is quite close to the moving average (MA) value which is settled at $6.99, which is a healthy sign for the traders.  The Relative Strength Index (RSI) has been consistently rising in the past few days, currently at a value of 57.92, and it is suggesting that there could be further growth for the coin. The MACD line has also been rising steadily and is now placed above 0 with a positive crossover, indicating a strong presence of bulls.

Chainlink price analysis: LINK faces rejection above $7.31 after a recent increase

The hourly Chainlink price analysis has shown that the LINK/USD pair is currently facing rejection at $7.31, after a recent surge in prices. The digital asset had faced a lot of bearish pressure in the past few days, but the bulls have taken control of the market now. The price is currently trading in a range between $6.78 and $7.31, which suggests that there is room for further growth if more buyers enter the market.

image 278
LINK/USD 4-hour price chart, source: TradingView

The MACD line shows a bullish crossover with a positive value, suggesting that the bulls have a strong presence at the moment. The RSI is currently trading at 68.67, which indicates that there could be some more upside movement if the bulls remain in control of the market. More buyers will need to enter if the LINK/USD pair is to break out of its current range and see further gains. The moving average indicator on the hourly chart is currently at $7.06, which is a good sign for the bulls as it suggests that further upside could be on the cards.

Chainlink price analysis conclusion

Chainlink price analysis shows strong bullish momentum in the LINK/USD pair.  The digital token is currently trading just below $7.31 and with the bullish momentum, further upside could be expected in the near future. The next target for the bulls should be to break out of the current range and reach above $7.31 and then target higher levels.

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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