Chainlink price analysis shows signs of an Uptrend today as the buying momentum is seemingly intensifying. The price covered an increasing movement during the day, as more buyers are investing in cryptocurrency. Currently, the coin value stands at a $6.00 high, and chances of further uptrend seem near. Although the price underwent a sharp decline in the earlier weeks, the bulls have secured their wins for the past few days.
The digital asset has managed to maintain its position above the $6.00 mark, which indicates a strong support level at this point. The 24-hour trading volume of LINK is currently at $226 million, which shows a significant increase from the previous day while the market cap stands at $3.048 billion.
LINK/USD 1-day price chart: Price shows bullish strength after returning to $6.00
The daily Chainlink price analysis shows a strong bullish trend for the day, as the cryptocurrency value increased considerably. Green candlesticks have dominated the price chart for the past few hours, as the bulls have been securing consecutive wins. The LINK/USD value is currently standing at $6.00, and a further increase is to follow soon if the buying activity heightens further. If we discuss the Moving Average (MA) value, then it settles at $42.30 at present.
The Bollinger bands are converging as the volatility decreases, and a further uptrend is to follow in the next week. The upper Bollinger band value has reached the $7.886 position, and the lower Bollinger band value has repositioned to $5.62. The Relative Strength Index (RSI) score has been enhanced up to 42.30 due to the latest bullish turn in market trends.
LINK price analysis: Bulls will be aiming for $6.50 in the near term
The Chainlink price analysis shows that bulls are ready to take over the market, as buying activity has been increasing. If we analyze the overall price trends, then it is expected that LINK/USD will reach beyond $6.50 in the next few days. The resistance has been placed at $6.10 and a slight break out is to follow by the bulls soon, as their presence has been increasing in the market. On the downside, the support level stands at $5.75 and it is expected that there won’t be any dips in the value below this position for a few days.
The Moving average(MA) has been maintaining a bullish crossover, and the bulls are ready to take over the market. The relative strength index (RSI) has been enhanced up to 39.61 levels, and a further increase should be expected in the next few days. The Bollinger bands are narrowing and the value is likely to increase soon, as the bears are currently out of sight.
Chainlink price analysis conclusion
To sum up, Chainlink’s price analysis shows a strong bullish trend in the market, as buying activity has been increasing. The LINK/USD value is currently standing at $6.00, and a further increase is to follow soon if the buying activity heightens further.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-12-20/