Cryptocurrency value

Chainlink Price Analysis: Cryptocurrency Appreciates To $13.5 After Bullish Turn

TL distribution; DR

  • Chainlink price analysis is bullish.
  • Resistance for LINK is present at $13.9.
  • Cryptocurrency support is present at $12.5.

Chainlink’s latest price analysis confirms a bullish trend for the day, as the buying momentum has steadily increased today. Over the past week, the market appeared to be under the influence of sellers as price levels fell. But today the trend has changed as the price saw an increase up to $13.5 during the day. This was a relief for the buyers, as the bears were and still are in the dominant position overall.

LINK/USD 1-day price chart: Bullish turn disrupts bearish wave as price retraces to $13.5

Chainlink’s daily price analysis confirms a bullish trend for the market, as the price has covered an upward move in the past 24 hours. Sellers controlled the market last week as a bearish wave developed. But today, an unexpected surge was recorded by the cryptocurrency as its value hit a lower high of $13.5. Still, it is well below its moving average (MA) value, which sits at $13.8. The gain is also minimal as it only stands at 0.31% for the past 24 hours, and trading volume is also down over 35% for today.

LINK/USD 1-day price chart. Source: Trading View

As the area between the Bollinger Bands decreases, upcoming price events are much more likely to be bearish, which is disheartening news as price swings are already weak. The upper band displays a value of $16.1, representing the resistance, and the lower band displays a value of $12.5 representing the strongest support. The SMA 20 curve is trading below the SMA 50 curve as the bears are in a dominant position so far. The Relative Strength Index (RSI) is trading on an upward slope at the 39 index, hinting at buying activity in the market.

Chainlink Price Analysis: Recent Developments and Other Technical Indications

Chainlink’s four-hour price analysis is supporting the buyers, as the price saw a good price rise in the first four hours of today’s trading session. Indeed, the bulls have made a comeback and are working to regain their lead. The buying momentum was building when the selling pressure reappeared, which is why the coin’s value stabilized at $13.5 over the past four hours. However, the correction seems under control so far.

LINKUSD Hourly Price Chart
LINK/USD 4 hour price analysis. Source: Trading View

The correction should end soon and the uptrend should extend further in the next few hours. The Bollinger Bands indicator shows low volatility, which averages $13.7. At the same time, its upper band shows a value of $14.2 and its lower band shows a value of $13.1, thus providing a margin of one dollar for price movement. The Relative Strength Index (RSI) chart is showing a bearish curve as the score has just fallen to the 45 index, but the indicator’s reading has improved significantly at the start of the day.

The past few months have proven to be very unprofitable for the cryptocurrency as overall the bears seemed to dominate. This is why the LINK/USD technical indicators are showing a bearish signal. There are 15 indicators on the sell side, eight on the neutral side, while only three indicators support the buy side.

Conclusion of Chainlink Price Analysis

The above analysis of Chainlink 1-day and 4-hour prices goes in favor of the bulls today. The cryptocurrency suffered a substantial loss in recent days as price levels steadily declined. A different pattern was seen in the past few hours where the bulls showed overwhelming strength, which is a good sign for intraday trading.

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.