prices continue soaring as LINK reclaims the $17.13 mark

TL;DR Breakdown

• Chainlink price analysis shows an uptrend
• LINK prices have seen resistance at $17.31
• Key support for LINK is currently present at $16.97

Today’s Chainlink price analysis is in favor of the bulls who have managed to push prices above the $17 level whereby LINK prices are trading at $17.13, an increase of 5.86 percent. LINK trading volume has seen a significant increase of 31 percent in the past 24 hours as well as the market capitalization that is currently sitting at $7,998,028,703.51.

Chainlink price analysis over the past 24 hours shows an uptrend as bulls push prices higher. The cryptocurrency is currently changing hands at $17.13 after opening the day at $16.97.The intraday high was formed at $17.31, where LINK prices faced rejection and pulled back to the current level. Prices have found support at the $16.97 level and are currently pushing higher as buyers look to reclaim the $17.31 level.

Chainlink price action on a 1-day price chart: LINK prices soars to $17.13

The 1-day price chart for Chainlink price analysis shows the bulls have controlled the price action for most of the week, and the LINK/USD price value has been recovered above $17.13. After the initial drop to $15.97, prices have been on an uptrend as buyers push prices higher. Prices reached a high of $17.31 but faced rejection and pulled back to the current level. The bullish trend is evident as the MACD line is seen to be trading above the signal line, and a bullish crossover is also seen. The RSI indicator is currently seen trading near the overbought levels of 70, which indicates that the prices may be due for a correction in the short term.

Chainlink price analysis on the 1-day price chart shows reveals there is an increase in market volatility whereby the Bollinger bands are seen to be widening. The upper band is currently seen at $17.34, and the lower band is seen at $16.78. The increasing market volatility is a sign that the market is preparing for a breakout as prices are expected to continue surging higher.

Chainlink price analysis on a 4-hour price chart: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis reveals an uptrend as bulls push prices higher. The buyers appear to be more active in the market, with the price continuing to rise over the last four hours. Prices reached a high of $17.31, but the buyers failed to sustain the momentum as prices pulled back to the current level. The MACD line is headed towards a bullish crossover as the signal line is seen to be trading below the MACD line. The RSI indicator is currently seen trading at 61.39 and is heading towards the overbought levels, which indicates that prices may correct lower in the short term.

Chainlink prices are likely to adopt a further bullish trend as the EMAs are currently seen to be converging. The 50 EMA is seen to be trading at $16.53, and the 100 EMA is seen to be trading at $15.74. This convergence indicates that the bulls are in control of the market as prices are expected to continue surging higher in the near future. The LINK/USD pair is currently trading at $17.16 and is up by 5.86 percent on the day. The cryptocurrency is expected to continue surging higher as buyers look for ways to push prices above the $17.31 resistance level.

Chainlink price analysis conclusion

The overall Chainlink price analysis shows that the bullish sentiment of the market is still intact as prices are seen to be surging higher. Prices may correct lower in the short term as the RSI indicator is currently seen trading near the overbought levels. However, prices are expected to continue surging higher as bulls look for ways to push prices back above the $17.13 resistance level. Nevertheless, it is still early to say that LINK has completely established a firm uptrend as the bears could still make a comeback and push prices lower.

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