Chainlink Price Analysis: LINK shows bullish momentum near $24 pivot Ahead of the price action over the past few months, we saw LINK (LINK) continue to show bullish momentum and rally through the $24.00 pivot, which is a significant level of resistance for the coin. We’re currently looking at a close above $24.00, which will open up the option to rally towards $30.00 or $31.00.
Chainlink (LINK) has been in a bullish trend since its 0.0023 Fibonacci retracement level of 0.0021 to 0.0024 in July. The top of the channel formed at $0.0024 and the channel bottom was formed at $0.0021. Today the price is trading around $0.0023. So if the price continues to move up the channel and breaks the resistance at $0.0024, we can expect the price to rally further to the next resistance at $0.0025. If the price breaks the resistance, it will likely retest the channel bottom at $0.0021.
We are still quite far from the all time high of $20.75 and the price has been on a constant decline for the past month. However, there are signs of a possible reversal in the near future.. Read more about is chainlink a good investment and let us know what you think.
TL:DR summary
- The price of chainlink is encountering resistance above the $23.94 level.
- In the next week, anticipate a significant price increase.
- The $22.42 mark has been identified as a level of support.
The price of chainlink is steadily increasing over $23.94. According to the most recent chart, there has been a strong bullish trend, which has been followed by a small negative trend. The cryptocurrency seems to be breaking over the $24 barrier level, and we may expect it to do so in the near future.
Regardless of a few bullish candles showing here and there, Chainlink pricing has a good chance of breaking over the $24.52 barrier and setting a new high.
Price analysis for Chainlink: 4-hour chart shows a bullish retrace
According to the most recent data, the 4-hour chainlink price chart has been indicating bullish momentum. Despite the preceding several hours’ strong bearish uphold, the present trend shows a reasonably strong bullish uphold. The green candlestick is attempting to break through the $23.94 resistance level, indicating a strong chance of a Chainlink price rise. The Bollinger Band indicator, on the other hand, shows an average of $23.4.
Similarly, the chart’s moving average is valued at $23.8, with a reasonably strong level of resistance. When it comes to the Bollinger Band’s extremes, the top end is now at $ 24.52, while the bottom end is at $22.42.
4-hour pricing chart for LINK/USD. Trading Point of View
According to the findings, the relative strength index (RSI) indicator is critical in forecasting present and future market movements. In the 4-hours price chart, the current RSI score is 57.15, which is a pretty strong indicator of a bullish trend. This figure may rise to 70 or higher, putting the current RSI reading over the overbought level.
Sellers are looking for further negative momentum on the 1-day chart of Chainlink.
Despite the fact that the 1-day chart has been displaying repeated positive signals for the previous three days, the situation today has been different. The Chainlink price has been trending downwards today, with solid support around $23.94. If we look at the Bollinger Bands scenario, we can see that it is also giving us a strong resistance at $18.95.
The top end of Bollinger’s value is at $25.93 on the 1-day chart, while the lower end is at $11.98. However, the Bollinger’s band’s volatility is rising, indicating that the price may fall in the future. Given that the most recent candlestick is displaying a red signal, the price may go much lower than $23.94.
1-day pricing chart for LINK/USD. Trading Point of View
The 1-day Chainlink price chart’s relative strength index (RSI) is at 69.24, which is a highly good indication for the bulls. Despite the present negative trend, buyers are flooding the market, and the small price drop may be overcome. They are attempting to raise the price over the current high of $25.9.
The Moving Average indicator, on the other hand, indicates that there is significant resistance at the $22.34 price level. As the volatility shifts in favor of the bulls, a price rise is anticipated.
Technical indicators chart for LINK/USD. Trading Point of View
We can see that eight of the 26 total indicators are in the selling position, while 12 are in the purchasing position. Similarly, six remain in the neutral position while bulls and bears compete for control of the market, canceling each other out. When it comes to moving average indicators, 11 of them are in the buying mode, while three are still in the selling mode.
Five oscillators are in the selling position, while the remaining five are in the neutral position. Because buyers and sellers are striving to increase the value of their assets, we can observe that the present market trend is neutral.
Conclusion of Chainlink Price Analysis: Will LINK Cross $25?
To sum up, recent market movements have been fairly neutral in character. A positive trend has emerged in the last several hours, with the price seeming to break over the $23.94 barrier level.
Despite the repeating negative trend, the bullish trend is fighting to create a new high point over $24.5. The RSI score is encouraging, and we may anticipate a sharp increase in Chainlink’s price in the next days.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
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