LINK/USD prices hold above $16.2, bullish for the next 24 hours

TL;DR Breakdown

• Chainlink price analysis shows a bullish trend
• LINK prices are facing rejection at $16.38
• Chainlink prices have established support at $15.5

The Chainlink price analysis shows that chainlink prices opened the daily market trading high of $16.32 an increase of 3.32 percent. Prices are currently trading at $16.22, 0.62% below the opening price. The bullish spree began yesterday and has been extended today as the market opened with an upsurge.LINK/USD pair is trading between an upper and lower boundary, with the upper boundary located at $16.38 while the lower boundary is close to the support level at $15.5.The 24-hour trading volume is at $773,864,426.95 and the total market capitalization is at $7,552,628,663.40, as per data from CoinMarketCap.

Chainlink price action on a 1-day price chart: LINK/USD retests support at $15.5

Chainlink prices have faced rejection around the $16.38 mark as shown by the red candlestick. The market is currently trading below this level, with prices facing support at $15.5.The 50-day and 20-day Simple Moving Averages (SMA) are showing a bearish crossover as the 50-day SMA line (blue) crosses below the 20-day SMA line (orange). The Relative Strength Index (RSI) indicator is at 58.16 and the MACD shows that the bullish momentum is slowly fading away. The Parabolic SAR indicator has given a buy signal as the dotted line has moved below the candlesticks.

The chainlink price analysis shows that LINK/USD is likely to remain bullish in the next 24 hours with prices expected to move towards the $16.38 resistance level. However, if prices fail to break above this level, a bearish trend may develop, with prices falling towards the $15.5 support level.

Chainlink price analysis on a 4-hour price chart: LINK/USD prices break above $15.8

The 4-hour price chart shows that chainlink prices have broken out of the descending triangle pattern as prices surged 3.2 percent in the last 4 hours. The market is currently trading at $16.22, 0.62% below the opening price. Prices have found support at $15.8, which is also close to the 20-day SMA line. The RSI indicator has entered the overbought territory as it crossed above the 70 levels. The MACD shows that the bullish momentum is still strong as the signal line (blue) crosses above the histogram.

Further technical indicators show that Chainlink prices are likely to remain bullish in the next 4 hours as prices move towards the $16.38 resistance level. However, if prices fail to break above this level, a bearish trend may develop, with prices falling towards the $15.8 support level.LINK market volatility is currently at 2.57 percent, which is slightly below the average of 3.02 percent.

The Bollinger Bands indicator shows that prices are currently trading close to the upper band, which indicates that prices may face some resistance around the $16.38 mark in the next few hours.

Chainlink price analysis conclusion:

Today’s Chainlink price analysis shows that the overall market of LINK prices is in a bullish trend as the market has found support at $15.5 and may continue to move higher in the next 24 hours. However, if prices fail to break above the $16.38 resistance level, a bearish trend may develop, with prices falling towards the $15.8 support level. The bears have now abandoned the summit, and the buyers have full control. Although there have been occasions when the bears attempted to take over the lead earlier today.

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