TL;DR Breakdown
- Chainlink price analysis is bullish today.
- Price has increased up to $15.
- Resistance for LINK is present at $15.3.
The Chainlink price analysis is bullish today as the price surprisingly took an upward turn after breaking downwards today. The price function has headed upwards for the last 16 hours, continuously marking bullish supremacy. LINK’s price has recovered up to the $15 level, and will soon take another shot at the crucial $15.3 resistance. Overall, the last week proved significant for the buyers as the price has mostly been upwards. Today, bulls have successfully crossed yesterday’s resistance of $14.5 and are now marching towards their next target at $15.3.
LINK/USD 1-day price chart: Bulls encountering $15.3 resistance
The analysis of the 1-day price chart for Chainlink shows bulls have recovered the price level up to $15, as the cryptocurrency is trading hands at $15.08 at the time of writing. The LINK/USD shows an increase in price value by 3.8 percent over the last 24 hours and also reports an increase in price value by 14.8 percent over the past week as the trend has been upwards during the week. On the other hand, the trading volume has decreased by 16.6 percent, but the market cap has improved by four percent in the last 24 hours.
The volatility is high, and the average line of the volatility indicator is forming at $13.9, representing support for the LINK/USD pair. The upper value of the indicator is at the $15.6 level representing resistance for the coin’s price, and the lower value is at the $12.1 level. The Relative Strength Index (RSI) score has also improved, and the RSI, after climbing up, is now trading at index 54, indicating the buying activity in the market.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour price chart for Chainlink price analysis shows the price function has been upwards for the last 16 hours following a retracement period of 16 hours. But the upwards price movement has been overwhelming, which has turned the trend bullish, and the price has reached $15.
The volatility looks high, but it seems to be decreasing again on the 4-hour chart, as the Bollinger bands are showing signs of convergence. With the upper band reaching $15.2, it represents resistance for the coin, and the lower band sits at $13.3, with their mean average at $14.3, representing support. The moving average (MA) is present below the price level at the $14.6 level. The RSI curve on the 4-hour chart has flattened out, which is a sign of pressure building up from the bearish side. The RSI is present in the upper half of the neutral region, trading at index 67.
Chainlink price analysis conclusion
The Chainlink price analysis suggests the bullish momentum has been quite steady, but as bulls have been in the lead for the last 16 hours and the price is in the lower price range, bulls might be exhausted now as the RSI curve is also flattening up on the 4-hour chart. So we expect LINK to start retracement shortly before breaking above $15.3 in the later hours of today’s trading session.
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