LINK rebounds at $6.92 as  bullish trend intensifies – Cryptopolitan

Chainlink price analysis is on a bullish trend today, with the LINK/USD pair rising to the $6.92 mark. The bulls have been in control since the beginning of today, with the price surging by over 0.02% for the last 24 hours. As the bullish momentum intensifies, further improvement in the LINK/USD market value is expected as bulls aim to break the $ 6.99 resistance mark. The $6.74 level is currently acting as support for LINK/USD, which might give the bulls a boost if there are any dips or pullbacks. The digital asset also has a market cap of $3.578 billion and a trading volume has dropped by 4.92 percent and is now at $217 million.

Chainlink price analysis 1-day chart: Bulls falter to maintain control.

The 1-day Chainlink price analysis indicates an upward trend, with the LINK/USD pair currently trading at $6.92, representing an increase of over 0.02 percent in the last 24 hours. The market volatility follows a slightly closing movement, and the cryptocurrency is less vulnerable to volatile change on either extreme. The upper limit of Bollinger’s band is present at $8.188, which serves as a resistance point for LINK. Conversely, the lower limit of Bollinger’s band is currently at $6.655, which serves as another support point for LINK.

The relative strength index (RSI) score is now at 52.21, which indicates that the market is neither overbought nor oversold. The moving average convergence and divergence (MACD) indicator is also moving sideways, which indicates that the asset could maintain its bullish momentum in the near future.

LINK/USD 4-hour price chart: Recent updates

The 4-hour Chainlink price analysis reveals that the LINK/USD pair is trading in a range-bound market. The bullish momentum may continue in the near term if the price can stay above the key support level of $6.74 and break through the resistance mark of $6.99. Furthermore, the moving average convergence and divergence (MACD) indicator is still in bullish territory, indicating that the price may rise further. 

The relative strength index (RSI) score has entered overbought territory at 36.41, which indicates that there could be a possible pullback or correction soon. The market’s volatility moves in an upward direction, making cryptocurrencies increasingly vulnerable to abrupt changes at either extreme. As a result, the upper limit of Bollinger’s band rests at $7.4080, serving as another support point for LINK, and the lower limit of Bollinger’s band is present at $6.6431, serving as a support point for LINK.

Chainlink price analysis conclusion

Overall, Chainlink’s price analysis suggests that the bulls might continue to dominate the market. The LINK/USD value is now standing at $6.92, and it can be expected that further upside is ahead. The bullish momentum is likely to continue in the near term as the support level at $6.74 is holding strong so far, but it may be breached in case of a further increase in trade volume.