LINK Price Analysis: Chainlink rises amidst a sea of bullish momentum

•LINK/USD is currently priced at $17.03 and has increased by 1.76% over the past day

•The technical indicators suggest a positive outlook for the near term

•The trading volumes have increased by 2% over the past day

Short Term View: Chainlink wards off the bears

The Chainlink price today is $17.03 USD with a 24-hour trading volume of $750,330,053 USD. Chainlink is up 1.76% in the last 24 hours. The trading volumes have remained stable over the past day, with only a slight gain seen in the trading volume metric in the past day. The Volume to Market Cap Ratio, on the other hand, stands at 0.09432.

Chainlink marked the all-time high of $52.88 on May 10, 2021, but was unable to sustain momentum and traded downwards for the next three months. Currently, it is in the middle of an uptrend as the Chainlink price is transacting above the 20,50 SMA on the four-hour chart. The altcoin is showing bullish divergence as the 200 SMA is trailing both the 20,50 SMA. If the momentum sustains, the resistance to target for the bulls resides at $19.2. On the flip side, the support for the altcoin lies at $15.6.

Long Term View for Chainlink Price

The RSI for Chainlink is transacting at 63.41 and the altcoin is continually showing signs of bullish momentum. The histograms on the daily MACD chart have been green for the vast majority of the past month, with a minor blip witnessed in the starting weeks. The MACD and signal lines are transacting in the positive zone as well. The technical indicators are bullish, indicating that Chainlink will break out.

Conclusion

Technical analysis of Chainlink shows that short-term sentiment in the altcoin is bullish as the bulls remain firmly in control. Hence we are likely to see a continuation of the uptrend which could drive the Chainlink price even higher.

Support: $15.6

Resistance: $19.2

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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