The most recent Chainlink price analysis shows bullish indications for the day, given that there has been an increase in buying activity, . The price has been in a bearish trend for the previous few weeks, but after establishing support at $5.72, the coin has been recovering, and now, further bullish momentum is being seen. The price movement indicated by the green candlesticks on the price chart is bullish, and the LINK/USD exchange rate has risen to the $6.54 level.
LINK/USD 1-day price chart: Price retouches $28.37 height after recent up move
The one-day Chainlink price analysis is confirming an increasing trend for the day as the bulls have successfully continued their lead in the last 24-hours. The green candlestick is an indication of the rising bullish momentum, and the LINK/USD value is now $6.54. Further recovery can be seen in the coming days if the bullish efforts remain consistent.
The moving average (MA) value for the cryptocurrency is trending below the price level at $6.19 level for the day as the bulls have successfully continued their lead in the last 24-hours which is also is an indication of the rising bullish momentum, and the LINK/USD value is now $6.54. Further recovery is possible in the coming days if the bullish efforts remain consistent.
The Bollinger bands are now encompassing greater space, the volatility has increased. The top value is at $8.83, representing the highest resistance, and the lower value is at $4.85, showing the strongest support, according to the Bollinger Bands Indicator’s predictions for the day. The recent upswing has caused the Relative Strength Index (RSI) score, which was previously quite low, to rise to index 47.
Chainlink price analysis: Recent developments and further technical indications
As per 4-hour Chainlink price analysis, the price has been increasing rapidly, and a rising trend has also been seen throughout the past four hours. The most recent upswing has increased the coin’s value up to the $6.54 mark, which is good news for the buyers. The bullish momentum, which seems to be gaining strength, is anticipated to continue in the hours to come. After experiencing a bullish ride, the price is currently going above its moving average value, which is $6.23.
The Bollinger bands average value has increased up to $6.03 in the last four hours. Because of the decreasing volatility, further uptrends can be expected in the next few hours. The Upper Bollinger band value has now changed to $6.61, whereas the Lower Bollinger band value has changed to $5.46. The RSI graph is showing an upward curve with an increase in score up to index 65.
Chainlink price analysis conclusion
According to today’s Chainlink price analysis, the bulls have effectively avoided the mounting bearish pressure by driving the price to a high of $6.54. The purchasers will have more opportunities in the next week, which is fantastic news for them. As the number of green candlesticks appears to be increasing, further acceleration of the uptrend is to be anticipated. However, before further improvement, we anticipate a correction to occur as well in the ensuing hours.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-11-23/