Ethereum
$ 1,149.83 3.52%
Solana
$ 35.63 7.61%
Dogecoin
$ 0.066827 8.32%
ApeCoin
$ 4.95 3.35%
Bitcoin
$ 20,357.00 2.40%
BNB
$ 228.29 2.84%

Chainlink price analysis: Link recovers to $31 as bullish impulse continues

Chainlink price analysis Link recovers to bullish impulse continues

TL;DR Breakdown

  • Chainlink price analysis shows bullish price action today.
  • Support is found at $28.6
  • Resistance is found at $32.6.

The Chainlink is on a bullish flight for the second day as well after encountering a sell-off on 27th October. The market sell-off proved decremental for many coins, but Chainlink is recovering at a moderate rate. LINK/USD has recovered more than half of the loss, but the price is still below the level of 26th October price cap level, which was $32.6, as the crypto pair is trading hands at $31.2 at the time of writing.

Basically, Chainlink was not able to sustain the 7th September flash crash and has also encountered at least two more major sell-offs after 7th September, one on 20th September and the other on 27th October. However, the crypto pair has been on an uptrend for more than a month and has shown a good recovery.

LINK/USD 1-day price chart: LINK rising again

The Chainlink price analysis shows that the bulls are dominating the market as the price shows improvement for a second consecutive day. The Chainlink has gained a value of around two percent over the last 24 hours and has gained 6.4 percent over the past week. But the trading volume has gone down by 28.6 percent, which is a worrying sign but not something unusual. However, the market cap has improved by 3.4 percent over the last 24 hours.

Chainlink price analysis: Link recovers to $31 as bullish impulse continues 1
LINK/USD 1-day price chart. Source: TradingView

The volatility for LINK/USD increases again as the Bollinger bands show divergence with the upper band at $32.8, which represents resistance for LINK. The lower band is at $23, and the average is forming at $28, representing support for the coin.

The relative strength index (RSI) shows an upwards curve and is present in the upper half of the neutral zone. The RSI though neutral but indicates a buying activity going on in the market.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows price improvement was fast in the starting four hours of today’s session, but then selling pressure degraded the price for the next four hours, but bulls have taken over the price function again as during the current time price is again increasing.

Chainlink price analysis: Link recovers to $31 as bullish impulse continues 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is high in the four-hour chart as well; as the volatility indicator, the Bollinger bands are moving ahead with constant expansion. The upper band at $33 shows resistance for LINK, while the mean average of the indicator shows support for the coin at $30. The RSI is moving up after taking a dip, indicating buying of LINK assets in the market, and is found at index 54.

The technical indicators for the Chainlink price analysis show a strong bullish trend as out of a total of 26 technical indicators, 16 indicators are giving buy signals, and no technical indicator is giving a sell signal. At the same time, around 10 technical indicators are standing neutral.

Chainlink price analysis: Conclusion

The Chainlink price analysis for today is bullish at best, as the crypto pair reports improvement in price, and chances are there for more upside in the coming hours, but the price fluctuations are expected to remain slow. However, we don’t expect the LINK/USD to challenge the $32.6 resistance today, as, despite the high volatility, the trading volume is quite low.

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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

Related News

Hot Stories

Bitcoin, Ethereum, Polygon, and Stellar Daily Price Analyses – 28 June Roundup
Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records