- Chainlink price analysis shows a bullish movement at press time
- Chainlink gains value at $6.49 with an increase of 0.91%
- Support for the cryptocurrency is present at the $6.38 level
Chainlink price analysis shows that the price of LINK has been bullish for the past 24 hours as the bulls regained control of the market. The intraday high was set at $6.49, and the intraday low was recorded at $6.38, indicating strong bullish sentiment in the market. The LINK price is trading at $6.49, up 0.91 percent in the past 24 hours. The buyers have been able to capitalize on this bullish momentum and push the price up, indicating strong market confidence. The bullish upswing has resulted in an impressive enhancement in the price, as its value has upgraded to $6.49 from $6.311 in the last 24 hours. If the bulls can break above this resistance level, we could see further upside in the LINK market.
The daily Chainlink price chart indicates that the LINK/USD pair has been trading with a positive bias. The pair has formed higher lows and higher highs, which is a bullish sign. The price action recently had a breakout above the ascending triangle pattern that had developed over the past 24 hours, which is a bullish sign. The 24-hour trading volume is also rising, indicating increased market activity, and is currently at $77 million. While the market cap is seen at $3.35 billion, the LINK token has gained strong momentum in the past 24 hours.
The price is currently trading above its 20-day moving average and 50-day moving average, which indicates a strong upward trend. Furthermore, the Relative Strength Index (RSI) is currently at 46.94, indicating that the coin is neither overbought nor oversold, but still has some room to move higher. This suggests that the LINK price is likely to continue its bullish momentum in the near term. The upper band of the Bollinger Bands indicator is touching the $6.738 point, whereas the lower band is present at a $6.255 margin.
The 4-hour Chainlink price analysis also shows that the LINK price has been in an uptrend. The hourly chart for LINK/USD also highlights the upward trajectory of the price, and further increases in momentum may be seen over the course of the day. However, there is still some resistance on the upside around $6.49. On the downside, strong support has been established for around $6.38, which could prove to be a good entry point for those looking to buy the dip.
Technical indicators are also pointing towards a bullish trend, as the relative strength index (RSI) is currently moving above the 50 level, which suggests that there is strong buying pressure in the market. The volatility in the market is also increasing and this sentiment could be seen in the Bollinger bands widening The upper Bollinger band is at $6.496, while the lower Bollinger band is at $6.356. The 50-period moving average (MA) is above the 200-period MA, indicating that the bulls are currently in control of the market.
In conclusion, Chainlink’s price analysis suggests that it is likely to trade higher in the short term as the technical indicators remain bullish and support further upside. However, if the bulls fail to break above the $6.49 resistance level, then the price could see a sharp correction. The cryptocurrency has enormous potential for additional growth, but as of right now, the market appears to be favoring a potential breakout that may be beneficial to the bulls
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