TL;DR Breakdown
- Chainlink price analysis is bullish.
- Resistance for LINK is present at $16.22.
- Support for LINK/USD is present at $15.2.
The Chainlink price analysis is bullish as it indicates an improvement in coin’s price as the bulls are trying to make a comeback once again. The past week proved damaging for the cryptocurrency as the price stooped low yesterday after improving to an extent. Yet, today the situation is on the positive side as the cryptocurrency is struggling to maintain its price above $15.9, and as the bullish momentum is growing, further improvement in price is highly possible in the coming hours.
LINK/USD 1-day price chart: Bulls stand successful in stopping the downtrend
The one-day Chainlink price analysis supports the bullish side today, as chances of recovery are rising for the bulls. After a decline observed yesterday, the bulls are on their way to uplift price levels again. Despite the increase in price, the coin is still at a loss of 5.77 percent over the past day, but the trading volume has increased by 12.46 percent. The bullish momentum is likely to intensify in the upcoming hours, and the price might bounce up from its current level, which is 15.9 at the time of writing.
The moving average (MA) value is at a much greater height and is present at $16.3 above the price level. However, the SMA 20 is still trading below SMA 50.
The volatility is mild, and the Bollinger bands are not showing any further changes. The upper value of the Bollinger Bands Indicator is now standing at $19, representing the strongest resistance, whereas the lower value is present at $14.9, representing the strongest support. The Relative Strength Index (RSI) score has also been uplifted, as the indicator is trading at index 41, indicating the buying activity.
Chainlink price analysis: Recent developments and further technical indications
The four-hour Chainlink price analysis shows an up-trend as the bulls have been leading the market from the start of the trading session. The coin went through a continuous decline earlier yesterday, but now the upward trend seems to be gaining strength as a rise in price has been detected in the last four hours. The bullish momentum has successfully led the price above $15.9 after a constant uptrend for the last eight hours. The moving average (MA) is trading quite above the price level at the $16.3 level.
The volatility is high on the four-hour chart as the Bollinger bands are covering more area. Meanwhile, the upper hand of the Bollinger Bands Indicator is now present at the $17.7 marker, whereas its lower hand is present at $15.6. The RSI score has improved sufficiently today as the upwards curve of the indicator has reached index 42.
Chainlink price analysis conclusion
The 1-day and 4-hours Chainlink price analysis favors the buying side, as an increasing trend is being recorded for the day, despite the fact that most of the technical indicators are still showing negative readings, as the circumstances remained quite unfavorable for the LINK/USD in the last few weeks. But today, the conditions have changed, and the price function is towards the upside. The price is now settling at the $15.9 mark, and the hourly price prediction also predicts similar trends. Overall the day seems good from an intraday trading perspective.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-02-18/