HomeAltcoinsChainlink price analysis: Bullish momentum retrieves LINK price back to $7.19

Chainlink price analysis: Bullish momentum retrieves LINK price back to $7.19

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The latest chainlink price analysis leads the bulls as the price has undergone a considerable recovery during the past 24-hours. Although the price oscillation has been slow, and the bears also tried to secure the winning position on the price chart by lowering the coin value, the recent progress has been bullish. This is a promising sign for bulls, as the price is again touching the $7.19 mark. Further recovery seems possible as well if buyers remain persistent.

LINK/USD 1-day price chart: Bullish momentum recovers price up to $7.19

The daily Chainlink price analysis shows a bullish momentum as the buying activity has been comparatively more than selling in the past 24-hours. Earlier, a downward wave suppressed the price levels as the bulls were facing strong resistance from the bearish side, But now it seems that the price trends are once again changing in favor of the buyers as the price seems more stable and is maintaining its level if we look at the larger picture. The coin value has been enhanced up to the $7.19 mark. The price is still trading lower than its moving average (MA) value which is at the $7.2 level.

Chainlink price analysis: Bullish momentum retrieves LINK price back to $7.19
LINK/USD 1-day price chart. Source: TradingView

The volatility is also increasing, which is an encouraging sign for the buyers regarding the upcoming price trends. Similarly, the upper edge of the Bollinger bands indicator now rests at $11.85, representing the resistance, while its lower edge settles at $4.94, representing the strongest support. At the same time, the Bollinger bands indicator displays an average of $8.39. The relative strength index (RSI) is on an upwards curve at index 35, hinting at the buying activity in the market.

Chainlink price analysis: Recent developments and further technical indications

The four-hour Chainlink price analysis confirms an increasing trend as the price has covered an upward movement in the past eight hours despite the fact that the price breakout was downwards. This can be confirmed from the four-hour price chart, where the green candlesticks appear, indicating a rise in coin value. The bullish momentum has successfully rescued the price above the $7.21 margin, and it seems like the bulls are going to achieve their next target soon. Meanwhile, the moving average in the four-hour price chart rests at $7.04 position.

Chainlink price analysis: Bullish momentum retrieves LINK price back to $7.19
LINK/USD 4-hour price analysis. Source: TradingView

The volatility is low as the Bollinger bands have narrowed, which is an indication of low price fluctuations. The upper value of the Bollinger bands indicator is now at $7.27, whereas its lower value is at $6.80. The RSI score has increased to index 53 because of the latest upturn in the price.

The technical indicators for LINK/USD still support the bearish supremacy as the price has been continually following a downward trend for the past few weeks. 12 indicators on the selling mark, 10 indicators on the neutral, and only four indicators on the buying mark.

Chainlink price analysis conclusion

The one-day and four-hour Chainlink price analysis predicts an upward trend for the cryptocurrency as the buying activity rises. The bulls have managed to escape the bearish pressure by upgrading the coin value to a $7.19 lower high. The hourly price chart displays green candlesticks for the market value of cryptocurrency, which has increased during the past four hours.

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.

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