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Chainlink price analysis: LINK bullish uptrend poised to soar above $6.21

Chainlink

TL;DR Breakdown

  • Chainlink price analysis is in a bullish trend
  • Support for LINK/USD is present at $5.95
  • Chainlink price is currently trading at $6.21

Chainlink’s price analysis for today shows signs of an uptrend, as the price underwent a further increase of three percent for the past 24 hours, now currently standing at $6.21. Although the bears were in control of the market yesterday, the bulls are now back in the market and taking charge. Resistance for the LINK/USD pair is seen at $6.39, which if broken would result in further upside. On the downside, immediate support is expected to be found at $5.95 if the bears take control of the market again. The 24-hour trading volume is currently around $372 million, and the total market capitalization is $3.21 billion.

Chainlink price analysis 1-day chart: LINK remains positive at $6.21

Looking at the daily price chart for LINK/USD, we can see that the bulls have managed to push the price above a key support line at $5.95, which is an indication of strong upside momentum. Prices are currently trading above the $6.2 level as the market has formed higher highs and higher lows. LINK/USD is trading between the $5.95 support level and the $6.39 resistance level, with a breakout above the latter needed for further upside. 

image 216
LINK/USD 1-day price chart, Source: TradingView

The 50-day moving average has crossed over the 100-day MA, providing further confirmation of the bullish trend. If the uptrend continues, then it is likely that we could see the price reach $6.25 in the near future. The RSI is also showing signs of bullish momentum as it trades in the overbought zone. The MACD is also in the positive zone, providing further confirmation of the bullish market sentiment.

LINK/USD 4-hour price chart: Latest development

The 4-hour Chainlink price analysis reveals that the short-term trend is bullish and the price has increased to $6.21 as the coin gained 1.41 percent of its value during the last 24 hours. Prices have been trading between the $6.21 and $6.23 levels, with a breakout above this range needed for further upside potential. 

image 217
LINK/USD 4-hour price chart, Source: TradingView

The relative strength index (RSI) indicator is currently at 29.29, which is in neutral territory, suggesting that prices could move in either direction in the near term. The MACD indicator is also in bullish territory but is close to the signal line, suggesting that prices could consolidate in the near term. The 20-day moving average (MA) is currently at $6.231, and the 50-day MA is at $6.192, both of which are bullish signs.

Chainlink price analysis conclusion

Overall, the technical indicators suggest that the bulls are currently in control of the market, and further upside could be expected if they remain so. The price has followed an upward trend today because of the bullish trend dominating the market. As bulls have been in the driving seat for the past 24 hours, a correction may appear in the coming hours if bears show any activity. However, traders should keep a close eye on the price action for any sudden changes in direction. 

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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