LINK rallies to $8 as bulls dominate the market – Cryptopolitan

The Chainlink price analysis shows bullish signs today. For the fourth straight day, the price of LINK/USD has been steadily rising. Bullish momentum over the previous few days brought about significant gains for the coin, and as the price has touched $8.05 today, bulls are covering range upwards. The next barrier for LINK/USD is at $8.6, while the coin price function is moving upward.

LINK/USD 1-day price chart: As bulls continue to dominate, cryptocurrency prices are rising

The 1-day price chart for Chainlink price analysis shows that since the beginning of the current session, the price has been rising. But bulls must muster additional vigor as they approach the next test at the $8.6 resistance level. At the time of writing, the price of the LINK/USD pair is $8.05. Over the previous day and the previous week, the value of the coin increased by more than 4.5 percent and 13.3 percent, respectively. Additionally, during the night, the trade volume surged by 15.96 percent.

The Bollinger bands end show steep divergence, with the upper band at $7.9 representing LINK resistance and the lower band at $6.8; the mean average of the indicator is much lower than the moving average (MA) level as the price is trading above the upper band, indicating increased volatility for LINK/USD.

The relative strength index (RSI), trading above the centerline but still in the neutral zone at index 65, is on an upward trajectory. On April 12, 2023, when it was close to the neutral zone center line, the RSI began to rise. Since then, it has continuously improved in score. Despite being neutral, the RSI indicator signals a halt in market buying activity since its curve is turning horizontal.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows, it is clear that the coin’s volatility is strong and that the price has almost reached the top of the Bollinger bands. Nevertheless, a correction has already begun, and the price is currently falling.

The relative strength index (RSI) is approaching the overbought limit at index 69 but going lower on the 4-hour chart. Despite the fact that the market is currently experiencing selling activity, the RSI has entered the overbought zone today and is still just on the edge of it, showing that there is still a strong positive sentiment for the LINK/USD pair in the market.

Chainlink price analysis conclusion

The Chainlink price analysis suggests a strong bullish momentum as the market is showing very positive sentiment for the LINK/USD. The buying side is supported by the short- and medium-term technical signals, which also point to the possibility of further price increases for the coin. On the flip side, the 4-hour chart exhibits signals of increasing selling pressure, suggesting that bulls may already be worn out. Thus, we anticipate that intraday traders will have a challenging day.