Chainlink price analysis: LINK price upgrades to $16 as the bullish streak continues

TL;DR Breakdown

• The Chainlink price analysis is Bullish.
• The resistance for LINK is present at $16.6.
• Support for LINK/USD is present at $15.5.

The Chainlink price analysis is showing encouraging signs for cryptocurrency, as bulls have been able to overcome the bearish wave. The coin saw extreme devaluation during the present month, but now the price levels are rising slowly, and they are expected to rise above their current price level, which is $16 soon. However, the next resistance is present at $16.6, which is why the price oscillation is slow today. But if the bullish momentum intensifies in the next 24-hours, it can be surpassed as well.

LINK/USD 1-day price chart: Bulls continue their lead, overcoming the bearish hindrance

The 1-day price chart for Chainlink price analysis shows the cryptocurrency values have increased today, with bearish pressure also showing up according to the latest updates. The price has reached the $16.33 level at the time of writing, gaining 10.36 percent value during the last 24 hours. The chart also shows that the bulls have tried to make a return in the past few days, and today the bulls have succeeded in taking over once again.

The Moving Average (MA) is standing right now at $16, slightly below the current price level. The Bollinger bands are widening up as the volatility is supposedly increasing, and the upper band has reached $30, representing the resistance for LINK price, and the lower band has reached the value of $11.4, representing the strongest support, the indicator as whole shows quite high volatility margins for the crypto pair. The Relative Strength Index (RSI) score has also increased as well and has come up to index 34 as the bullish streak is going on for the second day.

Chainlink price analysis: Recent developments and further technical indications

The 4-hours Chainlink price analysis indicates a rise in price as the bullish momentum is taking the lead again. The past few hours have been highly favorable for the bulls, as the short-term trending line is showing more green candlesticks overcoming the hindrance made by the bears in between.

The price has improved up to $16.3, which is just above the moving average value for the chart that is present at $15.8. The SMA20 has also crossed over the SMA50 curve today, which is also a bullish indication. The volatility is slowly increasing as well, which may provide further favorable chances to the bulls in the future. Right now, the upper band is showing the value of $16.6, and the lower band is showing $14.4. The RSI score is also increasing, as the purple graph shows, and the score has finally reached index 56 in the upper half of the neutral zone, which is a comparatively better position.

The LINK/USD technical indicators are still showing us a selling signal for the day despite the fact that the most recent updates show bullish momentum building up. There are a total of 26 indicators available, out of which two are at the buying position, 10 at the neutral, and 14 are at the selling position. The technical indicators outlook hints at the bearish dominance still weighing over the market.

Chainlink price analysis conclusion

The above 1-day and 4-hours Chainlink price analysis is predicting a rise in the price levels, as today the market has been supportive for the bulls as well. The price has gradually restored its momentum and has climbed past $16.3 successfully. We expect the LINK price to improve further today if the support persists.

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.