LINK gains value at $7.23 as bullish sentiment increases – Cryptopolitan

Chainlink price analysis shows an increase in bullish sentiment in the LINK/USD pair. This is evidenced by the price gaining value from the $7 mark and reaching a high of $7.23. However, LINK faces rejection at the higher level of $7.34 and is currently trading just below that level.

Currently, Chainlink has strong support present at the $7.18 mark, which was tested several times in the recent past. If LINK/USD can manage to break above the $7.34 level, then there is potential for further gains toward the next resistance level at $7.50. On the other hand, if Chainlink falls below its current support of $7.18 and dips below that level, then it could spell further losses for the coin in the near future.

As of now, it looks like Chainlink is heading toward further gains as buyers are entering the market and pushing prices higher. With trading volume continuing to increase and bullish momentum increasing. The market cap of the asset is currently hovering around $3.67 billion, which is an indication of its popularity and performance.

Chainlink price analysis 1-day price chart: LINK/USD trades in a positive uptrend

The 1-day price chart of Chainlink price analysis shows that the LINK/USD pair is making higher highs and higher lows, indicating bullish momentum. The price has been trading in a range between $7.18-$7.34 for several days now, with buyers showing strong support at the lower end of this range. The LINK has gained 0.48% over the last 24 hours, indicating that buyers still control the market.

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LINK/USD 1-day price chart Source: TradingView

The 20-day moving average has crossed above the 50-day MA, and both trend upwards, indicating further bullish sentiment in LINK/USD. The Relative Strength Index (RSI) is currently trading at 59.36, implying that the coin is neither overbought nor oversold. The MACD is also trending upwards, which implies that the bullish momentum is likely to continue in the near future.

Chainlink price analysis 4-hour price chart: Bullish sentiment remains strong at $7.23

The 4-hour price chart of Chainlink price analysis shows that the bulls still have control of the market, as LINK/USD continues to gain value and is trading at $7.23. However, the LINK/USD pair had faced a downtrend the past few hours and is currently trading below the resistance at $7.34, indicating that bears might be trying to take back control of the market.

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LINK/USD 4-hour price chart Source: TradingView

The Relative Strength Index (RSI) index is increasing and is currently trading at 53.53, indicating that the market’s buying pressure is still strong. The MACD line has crossed above the signal line, which is a bullish sign and indicates that the buyers are more likely to take control of the market in the near future. The green candles on the histogram are also indicating a strong bullish sentiment. The moving average is $7.22, indicating that the price will likely stay in positive territory for some time.

Chainlink price analysis conclusion

Overall, Chainlink price analysis shows a bullish trend in the LINK/USD pair, and investors should keep an eye out for further gains in the near future. The bulls have managed to gain market control and are pushing prices higher, but bears might be able to take back control if they can break above the resistance at $7.34.  For now, LINK/USD looks like it is on track to continue making higher highs and higher lows as bullish momentum strengthens.