Chainlink price analysis for today shows an uptrend for LINK/USD. The cryptocurrency spiked to $6.61 overnight, as traders fought for the bullish momentum within the market. However, it is currently facing rejection at $6.71 which may indicate that a pullback to the $6.57 support level is likely. If it can hold strong at this support level, we could see further gains in the coming days as traders continue to buy into this emerging cryptocurrency.
The cryptocurrency market has been trading in green over the past few days, with many other major altcoins also seeing price increases. The digital asset has a trading volume of over $163 million and is currently sitting at a market cap of just over $3.34 billion.
Chainlink price analysis in the last 24 hours: LINK retraces to $6.61
The 1-day Chainlink price analysis chart shows that LINK/USD has retraced to $6.61 over the last 24 hours, as traders took profits off the table following its strong bullish rally. However, this may be a good opportunity for long-term investors to buy into Chainlink on the dip, as it is likely that it will continue to see upward momentum in the coming weeks.
The MACD indicators are indicating an uptrend for LINK/USD, with recent price action also suggesting a continuation of the bullish trend. The exponential moving average crossover is also bullish, with the 50-day moving average currently above the 200-day moving average. Additionally, the relative strength index is also bullish at 50, suggesting that there is still room for upward price action.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour Chainlink price analysis shows a constant uptrend in the price for the last few hours, with the price covering most of the range in the last hour, from $6.57 to $6.71. The bulls and bearish movements appear to be in balance, but we are currently seeing bullish movements in the price, which could indicate that it may continue to move up.
The moving average convergence divergence line on the 4-hour chart is currently pointing upwards, indicating increased momentum for the bulls. This gives us technical indications that the price may continue to move up in the coming days. The relative strength index is also at 37.36, suggesting a slightly overbought market that could be due for a pullback. The EMA crossover on the 4-hour chart is also bullish, adding further technical evidence to this bullish trend.
Chainlink price analysis conclusion
Overall, it seems that Chainlink price analysis is bullish for today and could potentially see further gains in the coming days. However, the market for LINK/USD may experience bearish momentum in the short-term, if it fails to break above the resistance level of $6.83 level.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-12-13/