The most recent Chainlink price analysis is in favor of the bulls for the day as the price has increased further, and the market is showing positive sentiment towards the crypto pair. The price has been under the bearish shadow for the past few weeks, but the coin is maintaining its price levels, yet today a recovery in price value is being observed. The green candlestick on the price chart is marking a bullish price movement, and the LINK/USD value has increased up to the $7.3 mark.
LINK/USD 1-day price chart: Bullish momentum takes LINK value above the $7.3 threshold
The one-day Chainlink price analysis is confirming an increasing trend for the day as the bulls have been maintaining their lead for the last three days. The green candlestick is an indication of the rise in price as a result of the continuation of the bullish momentum, and the LINK/USD value has now reached $7.3 after gaining 5.03 percent value during the last 24 hours. Further recovery is possible in the coming days if the bullish efforts remain consistent. The moving average (MA) value for the cryptocurrency is now at $7.29, just below the price level.
The volatility has been high as the Bollinger bands are covering more area now. The Bollinger Bands Indicator shows the following values for today; the upper value is at $11.4, representing the resistance, whereas the lower value is at $4.9, representing the strongest support. The Relative Strength Index (RSI) score is in the lower neutral range and has been trading at index 36; the indicator hints at low momentum from the bullish side.
Chainlink price analysis: recent developments and further technical indications
The 4-hour Chainlink price analysis shows the price has been progressing slowly for the past few hours, and an increasing trend was observed in the last four hours as well. The latest upwards trend has improved the cryptocurrency value up to the $7.3 mark after a small correction observed at the start of the trading session. However, bulls have successfully recovered the corrected amount and are covering the range further upwards. The price is trading above its moving average value, i.e., $7.1.
The Bollinger bands average value is $7.09; because of the decrease in volatility, further uptrends can be expected in the next few hours as the price is moving towards the upper limit of the Bollinger bands. The Upper band value is $7.3, whereas the Lower Bollinger band value is $6.8. The RSI is showing an upward curve with an increase in the score up to index 56.
The technical indicators for LINK/USD are still representing the bearish pressure as of whole, as the number of indicators showing selling is more than that of the buying signs. There are 10 indicators on the neutral mark, while 13 indicators are on the selling and three on the buying side.
Chainlink price analysis conclusion
Chainlink price analysis suggests the bulls have successfully dodged past the increasing bearish pressure by taking the price to a $7.3 high. This is good news for the buyers of the cryptocurrency; however, there seem to be no chances of a major breakthrough despite the fact that the number of green candlesticks seems to be multiplying, but the bullish momentum also lacks the strength.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-05-23/