Chainlink price analysis indicates that the bulls have been trying to challenge the $8.0 resistance without success for the last 24 hours. Chainlink‘s current trading price is $7.36 after opening the daily chart trading at $6.99.The bulls were successful in pushing the prices above the $7.0 level and were also able to attain a high of $7.54 before facing rejection.
Chainlink price analysis the bulls are currently trying to push the prices above the $8.00 resistance level, which is a key hurdle for the market. If they are successful in breaking above this level, we can expect a sharp rally towards the $9.20 and $10.00 levels in the near term. The prices have been fluctuating in a very tight range of $7.20 and $7.35 for the last 12 hours, which is a bullish sign as it indicates accumulation by the bulls.
Chainlink price movement in the last 24 hours: Bull’s eye a move above $8.0
The LINK/USD pair opened at $6.99 on the daily chart and rallied to an intraday high of $7.54, before facing rejection and trimming all gains. The prices corrected lower and found support near the $7.20 level. The market then consolidated in a very narrow range of $7.20-$7.35 for the rest of the day and closed at $7.35. The market has been consolidating for the last 12 hours, which is a bullish sign as it indicates that the bulls are accumulating at lower levels.
The intraday RSI indicator is well above the 50 level, which indicates that the bulls are in control of the market. The MACD is also in the bullish zone and is slowly moving towards the centerline. The 24-hour trading volume on the LINK/USD pair has decreased marginally by 7.29 percent to $552,904,616, which indicates that the market participants are not aggressively selling at higher levels.
On the downside, the first support is present near the $7.20 level, below which the prices may decline towards the $6.80 level. Below this level, the next major support is present near the $6.50 level. The LINK/USD pair is currently trading in a positive zone above the key $7.20 support level. The bulls need to gain strength above the $8.00 resistance level to start a strong rally in the near term. The main target for the bulls is likely to be $9.20 and $10.00 levels.
Chainlink price analysis: Technical analysis
Chainlink price analysis on the 4-hourly timeframe indicates the prices have been on a brief consolidation phase after a sharp rally from $4.00 to $8.4.The 4-hourly timeframe shows that the prices have pulled back from the highs of $8.40 and are currently trading around the $7.35 level. The market volatility is high as the Bollinger bands are widening on the 4-hourly chart. The Relative Strength Index (RSI) is currently near the 60 level, which indicates that the market is in the bullish zone.
The support levels are present at $7.20, $7.00, and $6.80. The LINK/USD pair is well above the key $7.20 support level and is currently trading in a positive zone. The next major target for the bulls is likely to be $8.00 and $8.40 levels in the near term.
On the downside, if the prices correct lower from the current levels, the key support levels to watch out for are $7.20, $7.00, and $6.80 levels. Below these levels, the next major support is present near the $6.50 level. The market participants are currently waiting for a clear break above the $8.00 resistance level to start a new uptrend in the near term.
Chainlink price analysis conclusion
Chainlink price analysis shows Chainlink (LINK) prices have been on a tear over the past few weeks, rallying from around $4.00 to highs of $8.40 in a matter of days. However, prices have pulled back from these highs and are currently trading around the $7.40 level. The market volatility is currently high as the Bollinger bands are widening on the daily chart. Overall, the technical indicators are signaling bullishness in the near term.
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Source: https://www.cryptopolitan.com/chainlink-price-analysis-2022-06-21/