The Chainlink price analysis is bullish for today, as an increase in price up to $7.12 has been observed. The bulls have been successful in crafting a slight upwards trend line for the price function during the last few days, and the trend is the same for today as well. Although the price touched the $7.20 height earlier today, due to the strong resistance present at this level, the price function reverted back, and the LINK/USD price has fallen to $6.92 recently. However, the coin is still on the greener side if observed over the day.
The market capitalization for the coin is currently at $3,684,542,588, with a gain of 1.53 percent in the last 24 hours. The trading volume is currently at $236,713,701, with a strong surge of 24.88 percent in the last 24 hours.
Chainlink price analysis 1-day chart: Bulls successful in crafting a short-term upwards trend
The 1-day Chainlink price analysis shows an increase in price for today as well as the coin is trading at $7.12 at the time of writing, with a gain of 1.59 percent in the last 24 hours.
In the previous days, the bearish was trending with selling pressure dominating the market. However, the bulls have been successful in crafting a short-term upwards trend line and are currently attempting to break through the $7.25 resistance level.
The volatility is high, but now the Bollinger bands are showing a change in the market dynamics. The power Bollinger Band is now trending toward $8.33, while the lower Bollinger Band is still trending toward $6.65, which could be acting as a strong support for the coin. The Relative Strength Index is currently at 44.37, which indicates that the coin is in a bearish market but with an upcoming bullish swing. The moving average indicator is currently at $7.62, which is below the current price of LINK.
Chainlink price analysis 4-hour chart: Recent updates
The 4-hour Chainlink price analysis shows that the price breakout was downwards at the start of today’s session following a bearish drop. However, the bulls have been successful in bringing up a small upwards trend line, with the buying pressure dominating the market. The market for LINK is currently trading above the $7.00 level, with trading in a range of $7.00 to $7.20.
The Relative Strength Index is currently at 41.83, which indicates that the coin is in a bearish market but with an upcoming bullish swing. The moving average indicator is currently at $7.09, which is below the current price of LINK. The Bollinger bands on the hourly chart are expanding, which indicates that volatility is still high. The upper Bollinger bands are currently trending toward $7.29, while the lower Bollinger bands are trending toward the $6.96 level.
Chainlink price analysis conclusion
Overall, the Chainlink price analysis for today is bullish and if the bulls are successful in breaking through the $7.20 resistance level then it could lead to a further surge in LINK’s price. However, if the sellers take control and push downwards then support will be found at $6.92. The bullish trend line is currently intact, and the chances for a further surge in price are high.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-04-24/