Chainlink price analysis: LINK gains momentum at $6.80 after a brief dipping

Chainlink price analysis

TL;DR Breakdown

  • The Chainlink price analysis shows a bullish market sentiment
  • The support for the LINK/USD pair is seen at the $6.31 level
  • Resistance for LINK/USD is present at $6.90

The recent Chainlink price analysis shows that the LINK/USD pair has surged by over 6% after a strong rebound in the crypto markets. The rebound was seen after the pair fell to push the price below the $6.30 mark. The current bullish sentiment for Chainlink is likely to continue as long as the broader crypto markets remain positive, and the LINK/USD pair could potentially break through the $6.90 resistance level, which would send it to higher levels.

The LINK/USD pair is now trading at the $6.80 level after breaking through the $6.50 resistance level and establishing strong support at the $6.31 mark.

The market capitalization of Chainlink stands at $3.5 billion, which is a gain of over 6.27% in the last 24 hours, while the 24-hour trading volume for the cryptocurrency is recorded at $432 million with a massive gain of 88.26 percent.

Chainlink price analysis 1-day chart: Bulls push LINK price towards the key resistance level of $6.90 level

The 24-hour chart for Chainlink price analysis shows that the LINK/USD pair has been moving in a strong uptrend for the past couple of hours today as the bulls have managed to push it toward the key resistance level of $6.90. The past week proved quite favorable for the sellers as the LINK/USD pair went through a significant downtrend before gaining significant ground today.

image 285
LINK/USD 1-day price chart, Source: TradingView

The MACD blue line trends in the positive region with a value of 0.2052 above its signal line, indicating that the LINK market’s bullish dominance is not yet over. Adding to this bullish sentiment, the histogram remains in the positive sector, with a reading of 0.2052 and rising, offering more evidence for the market’s optimistic mindset. The RSI value is trending in the overbought zone at 47.51 and still has some room for an increase before it reaches its peak value. The Moving average (MA) is currently at the level of 6.59 and is rising, indicating that the uptrend has peaked for the day.

Chainlink price analysis 4-hour chart: LINK/USD price has experienced an impressive rebound

The hourly chart for Chainlink price analysis indicates that the LINK/USD pair has experienced an impressive rebound from its recent lows that were seen during the past week. The pair has broken above the previous resistance of $6.50 due to the increase in the buying pressure and is now trading above $6.80. However, the sellers are likely to face strong resistance at the $6.90 level, which could open the way for a further surge in the near term.

The technical indicators show that the bulls have regained control over the market as RSI and MACD are in bullish zones, indicating an ongoing uptrend. The Relative Strength Index (RSI) is currently at 64.79 and is still rising, which suggests that a further price rally could be on its way.

image 282
LINK/USD 4-hour price chart, Source: TradingView

The green candle in the histogram of MACD indicators shows that the market is in the positive region with a value of 0.0591 above its signal line. The moving average indicator is currently at the mark of 6.53 and is rising, indicating an overall bullish sentiment for Chainlink’s price.

Chainlink price analysis conclusion

The overall sentiment for Chainlink price analysis is bullish, and it could surge toward a new resistance level if the broader crypto markets remain positive in the near term. The LINK/USD pair has broken above multiple resistance levels, indicating strong buying pressure, and is currently trading at $6.90. The technical indicators are painted green, suggesting that the bulls could potentially take control of the market if they manage to push LINK past the key resistance level.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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