Today’s Chainlink price analysis has been predominantly bullish. It is worth noting that the market remained thoroughly stable today with the RSI averaging around 50. At the same time, the bulls seem to be handling pressure from the bears very well.
The 1-day Chainlink price analysis chart shows that the support is currently set around the $6.5 mark. At the same time, after touching a local high of $7.8, Chainlink started dipping lower and remained bearish for the last three days before retracing from $6.7 again.
However, would Chainlink manage to retest and break higher than $7.8? or is it headed further towards the downside? Based on the current market conditions, it looks like Chainlink will struggle to retest $7.8. However, it will continue to consolidate between the $6.7 and $7.8 mark, giving plenty of opportunities for some short-term scalping.
Chainlink 24-hour price analysis
In the last 24 hours, Chainlink has mostly remained bullish. It had a noticeable pump at 18:00 (UTC) with its pricing rising from $6.9 to $7. This may not seem significant but currently, Chainlink is mostly consolidating sideways, and the market is not showing much volatility.
Overall, the trading volume of Chainlink went lower by 14 percent while its market cap raised slightly by around 2 percent. So, the overall 24-hour volume to market cap ratio is set at 0.05.
4-hour Chainlink price analysis: Can LINK/USD retest $7.06?
The 4-hour Chainlink price analysis shows that the candles are now closing above the 9-period moving average. At the same time, the MACD indicator is showing positive growth on the histograms, suggesting that the bulls are slowly gaining an upper hand.
Since the next resistance is set at $7.06, it is very likely for Chainlink to test it. A bit of positive momentum and push may ever cause Chainlink to break higher. The RSI is also showing quite a bit of balance at 45. So, Chainlink is showing some positive chances of growth in the coming few hours.
Chainlink price analysis: Conclusion
In the next few hours, Chainlink price analysis is suggesting some positive growth. It is quite likely for LINK/USD to continue pushing upwards before it retests the $7.06 mark. However, breaking higher would require a significant push from the bulls. That of course, depends on the market conditions, since cryptocurrencies are inherently volatile by nature. While you are waiting for the market to determine its course, consider reading our long-term Chainlink price prediction.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-12-08/