Chainlink price analysis for today suggests that the LINK/USD pair is trading in a bullish trend above the $6.32 support level. The digital asset has recently surged by over 6 percent and is currently trading at the $6.78 level.
The day began with a choppy trading session which caused the token to fluctuate between the $6.32 and $6.81 levels. However, the bulls were able to take control of the market and push prices higher. The current market cap for LINK is $3.32 billion, and the 24-hour trading volume is $277 million.
LINK/USD 4-hour price analysis: Latest developments
On the 4-hour chart, the Chainlink price analysis has formed a bullish flag pattern which is a continuation signal. The pair might rise towards the $6.81 resistance level. A break above this level would take the digital asset towards the $7.14 level. and breaking below the $6.32 support level might push prices towards the $5.97 level.
The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement in the market. The RSI indicator is currently at the level of 57.78 which suggests that the market still has some room to move higher. The MACD indicator shows a positive trend as the signal line is currently moving over the MACD line.
LINK/USD 1-day price chart: Bullish momentum recovers price up to $6.78
The 1-day Chainlink price analysis reveals the market volatility is declining as the LINK/USD pair is consolidating in a narrow range. The digital asset is presently trading near the $6.78 level after recovering from the early dip to $6.32. The market appears to be following a bullish ascending channel formation as it moves higher.
Chainlink price analysis shows the Relative Strength Index (RSI) to be at the level of 60.28, which suggests that the market is overbought. The MA 50 is currently at the $6.52 level, and the MA 200 is presently at the $5.51 level. These levels might offer support in case of a market pullback.
The digital asset is presently trading above its major moving averages which suggests that the bulls are in control of the market. The MACD on the 1-day chart shows a bullish crossover as the signal line is moving over the MACD line.
ChainLink Price Analysis Conclusion
Chainlink price analysis reveals that cryptocurrency follows an upward trend with much room for activity on the positive extreme. Moreover, the market’s current condition appears to be following a positive approach, as it shows the potential to move to either bullish extreme. The market shows much potential for development towards the increasing end of the market.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-08-30/