TL;DR Breakdown
- Chainlink price analysis is bullish today.
- Support for LINK is present at $23.7.
- Resistance is found at $26.3.
Chainlink is continuing higher today as the Chainlink price analysis shows a further increase in the price value. LINK/USD pair broke above $25.2 yesterday and continues upside today as well, as bulls are taking the bar higher. Today Link rose above the resistance of $25.3 set by bears on 2nd December, marking a monthly high. The next resistance for the LINK/USD pair is present at $26.3. The next resistance seems a far target as the price oscillation has been quite slow since yesterday, which is an indication of bearish pressure at this stage, and a retracement might also be on its way.
LINK/USD 1-day price chart: Price recover as bulls continue to lead
The 1-day price chart for Chainlink price analysis shows LINK price is rising for a third day consecutively as bulls covered an upwards range today as well following notable damage caused by bears earlier today. The LINK/USD has gained a value of 5.10 percent over the last 24 hours, as the cryptocurrency is trading at $25.4 at the time of writing. The coin also shows a gain in value by 24.46 percent over the past week. The trading volume shows a decrease of 32.86, but on the other hand, the market cap has increased by 3.67 percent over the last 24 hours.
The volatility for LINK is increasing as the Bollinger bands show very divergence with the upper limit of the volatility indicator at $25.9, representing resistance for the crypto pair, and the lower band is at the $17.4 mark. The moving average is trading at $22.8, quite below the price level complementing the bullish trend.
The relative strength index (RSI) is found at index 63 in the upper half of the neutral zone. The RSI slope has almost flattened, indicating the pressure coming from the bearish side but shows quite a room for more bullish practice.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour Chainlink price analysis shows the coin corrected strongly in the first eight hours of today’s trading session but started fast recovery later on as the price oscillation was quite fast but has slowed down at the moment.
The volatility on the 4-hour chart is high as the volatility indicator covers more area with its upper limit at $26.7, representing resistance for Chainlink, and the lower limit of the indicator is at the $22.7 mark. The RSI is trading at index 57, but the slope is moldy upwards as the price oscillation has slowed recently, hinting at competition from the opposite side.
Chainlink price analysis: Conclusion
The Chainlink price analysis suggests the coin recovered after the recent bearish attack that started yesterday and gained momentum today, damaging the price level severely, but the bulls managed to make a stri=ong come back, and the price recovered completely from the loss. The price has been recorded covering range upwards during the last four hours as well, but as the market is bearish at large and the price oscillation has slowed down so LINK might retrace in the coming hours before continuing higher.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-01-07/