Chainlink price analysis shows the recent LINK price is up by 19.41 percent after recovering from a bearish run that has been seen in the last 48 hours. The prices dipped to lows of $6 and the bulls came in to push prices back up. The LINK/USD trading pair is currently correcting upwards at $7.26 after opening the day at $6.85.The trading volume is currently at $862,981,890.81 and the market capitalization is at $3,424,563,890.The digital asset is ranking position 25 overall as it occupies 6.64 percent of the total cryptocurrency market.
LINK/USD 1-day price chart: Bulls aim to push prices towards the $10.0 level
On the daily LINK/USD chart, we can see a bearish run that has been corrected by the bulls. The prices have found support at $6 and this is where the bulls came in to push prices back up. Prices have risen to highs of $7.32 and are currently correcting downwards. The Relative Strength Index is at 59.47 and it is indicating that the market is currently in the bullish zone. Prices are, however, close to the overbought region and this might lead to a price correction in the near term.
Chainlink price analysis indicates the current trend for LINK prices is bullish as the prices are trading above the 20-day moving average (MA) and the 50-day MA. The buying pressure has increased as the RSI is in the overbought region. The MACD indicator is also giving a bullish signal as the moving averages are diverging. The next level of resistance is seen at $7.45 and this is where the bulls might take a breather. Above this, prices might rise to highs of $10.0 in the near term.
On the downside, the first level of support is seen at $6.50 and this is where the bulls might step in to buy the dip. Below this, prices might fall to lows of $5.0 in the near term. The next level of support is seen at $4.50 and this is where prices might find a bottom.
The volatility for the LINK/USD pair is quite high, as the price is moving towards the center of the Volatility indicator, which is currently at $11.01.The market is expected to be quite active in the near term as the Bollinger Bands have widened.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour Chainlink price analysis reveals the price is recovering at a good pace as the bulls are in momentum today after the price stooped to the extreme lower levels. The buyers are now in control as the price is currently trading around $7.2.The digital asset has very good support at $6 which is also acting as the immediate resistance for the LINK/USD pair. There is a high chance that the prices may go up to retest the $8-level as it might face some selling pressure around that level.
The Bollinger Bands have widened which indicates that the market is very volatile and there might be some good price action in the near term. The RSI indicator is currently at 60.47 and it is indicating that the market is in the bullish zone but close to the overbought region. The MACD line is crossing above the signal line which is a bullish indicator. The digital asset is currently trading above the 20-day moving average (MA) and the 50-day MA which is a bullish sign. The prices might retest the $8-level in the near term as this is where the bears might step in to make a profit.
Chainlink price analysis conclusion
The Chainlink price analysis suggests the market sentiment is very positive today, and chances are there for a further upwards price movement. The LINK/USD pair is currently correcting upwards at $7.26 after opening the day at $6.85.The bulls are in control as the prices are currently trading above the 20-day moving average (MA) and the 50-day MA. The digital asset is currently trading at $7.32 and is expected to rise to levels of $8 in the near term.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-13/