Chainlink price analysis: LINK breaks past $16.1 resistance

TL;DR Breakdown

• Chainlink price analysis is bullish.
• Resistance for LINK is present at $16.7.
• Support for LINK is present at $15.8.

The Chainlink price analysis report is in favor of bulls for today as bulls have made considerable progress and elevated price to the $16.2 level. The bulls are showing good momentum and have recovered the coin’s price well after a gradual decline in price levels. Overall the cryptocurrency has been on an upwards trend for the past few weeks, but in the last two days, bullish efforts have been notable, and the buying process has gained momentum as the price has crossed the $16.1 barrier. The next resistance for LINK is present at $16.7, which also is not far.

LINK/USD 1-day price chart: price recover back to $16.2

The 1-day Chainlink price analysis shows the coin is bullish as bulls are leading the price function today. The LINK/USD traded in a narrow range of $15.6 to $16.3. Currently, the coin is trading hands at $16.2 at the time of writing, reporting an increase in value by 3.5 percent over the last 24 hours, and it also reports an increase in value by 11.6 percent over the course of the last seven days. The market cap has also increased by 3.11 percent as the trading volume surged by 9.12 percent today.

The relative strength index (RSI) suggests the buyers have contributed to the coin’s value as the RSI curve is upwards, and the RSI score has improved to index 60. The moving average (MA) is trading below the price level at $15.5, as the SMA 20 continues trading above the SMA 50 curve.

The volatility for LINK/USD is high as well, with the upper limit of the Bollinger bands now trading at $16.7 level representing resistance, and the lower limit of the indicator is present at the $12.2 mark representing support for the cryptocurrency. The average centerline of the Bollinger bands is present at $14.5.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows more bullish activity on the charts and a continuation of upwards price function, as after the 25th March correction, bulls are in the lead. The trend is the same for today as bulls dominated the market for most of the time, and only a four-hour-long correction has been observed today when bears took over the market, but bulls made a comeback again, and the price is on an upward trend again.

A crossover between SMA 20 and SMA 50 is also expected in the coming hours. The volatility on the 4-hour chart is mild. The upper limit of the Bollinger bands is present at $16.4, and the lower band is present at $15.4. The RSI on the hourly chart is trading at index 59, and the curve is upwards, hinting at the buying activity in the market.

Chainlink price analysis conclusion

The Chainlink price analysis suggests, overall, the coin is bullish today, as price action is under bullish control. We expect LINK to continue further upside today, and it may break past the $16.7 resistance in the coming 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.