Chainlink price analysis shows that the LINK/USD pair is currently in a strong bullish run as it makes its way upwards to $7.12 after hitting support at $7.06. The price is facing some resistance at $7.22, but if it can break past this, it is likely to continue its upward trend. Although the bears were in control earlier this week, the bulls made a strong comeback and pushed the price to its current level. The 24-hour trading volume for the digital asset stands at $180 million, and the total market capitalization for LINK is currently at $3.62 billion. The bears are trying to push the prices lower, but the $17,995.20 support level is proving to be a tough nut to crack.
Chainlink price analysis, 1-day chart: LINK rallies by over 1.15% after a successive bull run
The 1-day Chainlink price analysis reveals that the digital currency is in a strong uptrend and looks set to continue its positive momentum. The bullish momentum is likely to be maintained by the surge in demand for LINK. Currently, LINK has seen a rise of more than 1.15 percent over the past 24 hours and is now at $7.12. After a period of slight bearish pressure, the bulls have pushed prices up from the support at $7.06 and are currently challenging the $7.22 resistance.
The moving average (MA) indicates a bullish crossover and is currently at 0.0037, which indicates that the buyers are in control of the market. The moving average convergence and divergence (MACD) indicator shows that the bulls have the upper hand as the MACD line (blue) is above the signal line. The relative strength index (RSI) is currently at 44.11, which indicates that the market is in bullish momentum.
LINK/USD 4-hour price chart: Bulls continue to push prices higher as altcoin hits $7.12
The 4-hour chart for LINK/USD shows that the digital asset is trading in a range-bound pattern. The cryptocurrency market has been seeing a lot of positive momentum in the last 24 hours, with most major assets seeing significant gains. The price of the coin has increased by 1.15% in the last day. The LINK/USD pair is currently trading at $7.12 and is facing a resistance level of $7.22. If the bulls manage to break this resistance, we can expect a further surge in Chainlink’s value.
The relative strength index (RSI) indicator is currently at 31.48 and indicates some minor bearish pressure. However, the bulls are still in control, as the price is trading well above the $7.06 support level. The Moving Average Convergence Divergence (MACD) indicator is also showing a bullish crossover, which could indicate that the bulls have the upper hand in the market. The 50-day moving average is currently at $7.141, and the 200-day moving average is at $7.115. This indicates that the market is in a bullish trend, as the price is above both moving averages.
Chainlink price analysis conclusion
Overall, the sentiment in the market is still bullish, and investors should look for buying opportunities if the prices move higher. Chainlink prices are currently trading in a bullish manner and are likely to move higher in the near term as the bulls remain in control of the market. However, if the buying momentum continues, then LINK/USD may continue to rise above $7.25.With more positive news coming out on digital currency, we could see a further surge in the value of the
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-04-23/