Chainlink price analysis: LINK rallies to $19.1 as bulls dominate the market

TL;DR Breakdown

• Chainlink price analysis is bullish.
• Resistance for LINK is present at $20.08.
• Support for LINK/USD is present at $18.1.

The Chainlink price analysis shows bullish signs today. LINK/USD price is still moving up continuously for the fifth consecutive day. LINK bulls covered a range of $18 to $19.1 today, while the bullish momentum of the last few days brought mighty gains for the coin. As the coin price function is headed upwards, the next resistance for LINK/USD is present at $20.08.

LINK/USD 1-day price chart: Cryptocurrency trades in greens as bulls continue ruling

The 1-day price chart for Chainlink price analysis shows the price has been on the rise since the start of today’s session. The next test is the resistance of $20.08, which seems to be conquered soon. The LINK/USD pair is trading hands at $19.1 at the time of writing, while the coin gained a value of more than eight percent during the last 24 hours and a value of 9.62 percent over the past week. The trading volume has also increased by 45.16 percent overnight.

The volatility has decreased for LINK/USD as the Bollinger bands end show steep convergence with the upper band at the $20.3 mark representing resistance for LINK and the lower band at the $13.8 mark; the mean average of the indicator is far below the price level, as the price is trading near the upper band and might go above it.

The relative strength index (RSI) is on an upwards curve, trading above the centerline but still in the neutral zone at index 51. The RSI started moving up on 3rd February when it was near the undersold zone and has shown continuous improvement in its score ever since. The RSI indicator though neutral, shows an increasing buying activity in the market.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows the volatility for the coin is high, as can be seen on the 4-hour chart, and the price has reached near the upper limit of the Bollinger bands, as the candlesticks may soon go out and above the upper bank, indicating the epitome of bullish momentum.

The relative strength index (RSI) in the 4-hour chart is touching the overbought limit at index 71 but moving straight ahead. The RSI has entered the overbought zone today, but it still is at the edge of the overbought zone, indicating a strong positive sentiment for LINK/USD in the market.

Chainlink price analysis conclusion

The Chainlink price analysis suggests a strong bullish momentum as the market is showing very positive sentiment for the LINK/USD. The short-term and mid-term technical indications support the buying side and show the potential of more upwards movement for the coin’s price value.

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