Chainlink price analysis today shows the prices are starting to oscillate near the $11.23 handle as the bearish market sentiment weakens. The LINK/USD pair had a volatile trading session on Tuesday but managed to find some stability around the $11.23 level. The market is currently in a corrective phase after the recent sell-off from the $12.50 highs. The bulls are now attempting to push prices higher but they are facing some resistance at the $11.5 handle.
Chainlink price movement in the last 24 hours: Bearish trend fades as LINK prices prepare for an uptrend
The Chainlink price analysis in the last 24 hours reveals LINK prices began the trading day with a loss of 2.4% as it traded at $11.09. The decline extended to as low as $10.2 but the market quickly stabilized and climbed back towards the $11 level in later hours. The digital asset is currently down by 0.76 percent, recording a trading volume of $418,552,087.56.LINK prices have been hovering around $10.86 to $11.42 in the last 24 hours as the cryptocurrency ranks position 25 in the overall crypto market. The total market dominance for LINK token is now at 0.31 percent while the market capitalization stands at 5.2 billion.
The bears seem to be losing control as the market enters a new week of trading. The overall market sentiment is turning bullish as the Relative Strength Index line is showing some signs of a possible uptrend. The oscillator is currently at the mid-line indicating that the market is still in a consolidation phase.
The market volume has also increased as LINK prices are starting to move above the moving averages line. The 50-day EMA and 20-day EMA are about to cross each other which indicates that a bullish crossover is imminent. This would indicate a price uptrend as the bears start to lose control of the market.
The MACD line has also crossed over the signal line, indicating that buying pressure is increasing and selling pressure is reducing on Chainlink (LINK). The momentum indicator shows that there could be upward movement in the near term while the momentum oscillator shows a similar result.
Chainlink price analysis on a 4-hour price chart: LINK struggles to move past the $11.5 resistance level
The 4-hour chart for Chainlink shows that the prices have been consolidating between the $10.8 and $11.4 levels over the past few days as the market enters a corrective phase after a recent sell-off from highs near $12.50. Prices are currently trading near the $11.23 level and the bulls are attempting to push prices higher but they are facing some resistance at the $11.5 handle.
The RSI indicator is currently showing some signs of a possible uptrend as it is moving towards the 50 levels while the MACD line is slowly moving above the signal line which indicates that buying pressure is increasing. The moving averages line is also about to cross each other which indicates that a bullish crossover is imminent. This would indicate a price uptrend as the bears start to lose control of the market.
The 50-day EMA is currently at the $11.22 level while the 20-day EMA is at the $10.93 level which indicates that prices are likely to continue moving higher in the near term. However, the $11.5 resistance level is a key barrier that needs to be broken for the bulls to take control of the market.
Chainlink price analysis conclusion
Chainlink price analysis indicates LINK prices are starting to show signs of a possible rally as the market sentiment turns bullish. LINK could recover to $11.50 before moving towards $11.85 in the coming days as traders start buying it on dips. The resistance level is at $12 and the support is at $10.5 as LINK prepares for an uptrend in the short term. The prices could recover to $11.50 and then move towards the $11.85 major resistance level. The overall market sentiment remains bullish as traders will be looking to enter the market at current support levels and ride the uptrend.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-04/