- Chainlink price is expected to break above $50
- The closest support level lies at $47.0
- LINK faces resistance at the $50 mark.
Chainlink price has finally climbed above the $44.00 mark and strong bullish momentum has carried the price to go past the $48.00 mark. Chainlink price records an over 33 percent price increase across the last seven days showing strong bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last seven days with most major cryptocurrencies recording profits across the timeframe. Major players include Ripple’s XRP, and BNB that record an 8.06 and a 15.24 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.99 and a 22.22 percent hike.
Technical indicators for LINK/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased slightly as the price is struggling at the 2.500 mark. Across the EMAs, the 12-EMA still trades above the 26-EMA, moreover the difference between the two is significant and we should not expect a reversal any time soon.
The RSI is currently trading in the neutral zone a little above the 68.00 mark and does not issue a signal. The indicator had today climbed into the overbought region but due to a sudden surge in bearish momentum, the indicator fell back into the neutral zone a few hours later. The sudden drop in the indicator suggests that many have sold the currency after its dramatic increase a few hours ago.
The Bollinger bands are currently wide but are converging rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Chainlink price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only three indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 16 of the 26 indicators suggesting a bullish movement against zero indicators which suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.
Traders should expect Chainlink price to continue upwards as the price action climbs towards the $50.00 mark. The positive technical indicators and the bullish market sentiment suggest an upwards breakthrough from the level propelling Chainlink price to the $52 price 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.