Chainlink price analysis: LINK rallies above $7.38 after a bullish chart pattern


TL;DR Breakdown

  • Chainlink price analysis is bullish today
  • The resistance for LINK is present at $7.43
  • Support for LINK/USD is found at $7.38

Chainlink’s price analysis shows a bullish trend over the last 24 hours, with an average increase of 0.50 percent. Today’s market began trading at $7.35 and is currently trading at $7.38, an increase of 0.50%. The bulls have regained control of the Chainlink market, which will change the course of the market for the better, and LINK now expects the bullish period to take over in the next few days. The LINK/USD pair has increased, reaching above the $7.38 level. The resistance level for LINK/USD is $7.48, and the support level is $7.21. Chainlink has been on an overall uptrend since yesterday, gaining 1.36%. The volume of trades for Sandbox has increased significantly over the last 24 hours, with more than $289 million in tokens changing hands. The coin’s current market cap sits at just over $3.75 billion, making it the 20th-ranked cryptocurrency.

Chainlink price analysis 1-day chart: LINK stabilizes following a bullish phase $7.38

The 1-day Chainlink price analysis shows a continuous rise in the price after the bulls took control of the situation in the later hours of yesterday. The momentum has been maintained throughout the day, and the coin has been on a steady uptrend since then. The volatility is increasing for the coin, and it can be seen from the high trading volumes. The bulls have been attempting to break out of past resistance levels, but they have yet to succeed. 

image 494
LINK/USD 1-day price chart, Source: TradingView

The upper limit of Bollinger’s band rests at $8.2043, serving as the most substantial resistance for LINK. Contrariwise, the lower limit of Bollinger’s band rests at $6.496, serving as the strongest support for LINK. The moving average convergence and divergence (MACD) line is above the signal line, indicating a bullish outlook for the coin. The relative strength index (RSI) is at 56.68, indicating that the market is overbought.

LINK/USD 4-hour price chart: Bulls remain in control

The 4-hour price analysis chart for Chainlink shows that the cryptocurrency has encountered a bullish breakout. This breakout is likely to result in a further increase in the price of LINK, as there appears to be strong demand for the coin at the current level. Resistance for the LINK/USD pair remains at the $7.43 and $7.45 levels, while support levels have been established at $7.21 and below. 

image 495
LINK/USD 4-hour price chart, Source: TradingView

The moving average convergence and divergence (MACD) is indicating a bullish outlook for the coin, and the relative strength index (RSI) is currently at 43.82, suggesting that the market is slightly overbought. The market’s volatility follows an increasing movement, making the cryptocurrency more susceptible to volatile change on either extreme. As a result, the upper limit of Bollinger’s band rests at $8.2011, serving as another support point for LINK, and the lower limit of Bollinger’s band is present at $7.122, serving as a support point for LINK.

Chainlink price analysis conclusion

In conclusion, Chainlink price analysis has shown a good amount of progress in terms of price over the last 24 hours, and this trend could continue if traders remain optimistic about the coin’s performance. Traders should exercise caution when trading LINK, as the market is highly volatile, and any unexpected shift in the crypto market could lead to a sudden downturn.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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