Chainlink price analysis suggests a bullish trend for today and supports buyers as the price has increased by over 1.41 percent and trading above $7.28. Although the bears have been in control of the market since yesterday morning, they failed to push the price back below $7.13. The bulls are now in a strong position as they have pushed prices higher and the market has found strong support at this level. The price is likely to continue rising as long as the buyers remain in control, and could reach $7.32 or higher. On the other hand, the bears are still trying to reclaim control of the market and could push the price back below $7.13 if they regain momentum. Traders should watch the market closely for any signs of a trend reversal, as the price could suffer a sharp decline if the bears successfully push the price lower.
Chainlink price analysis on 1-day chart
Looking at the one-day Chainlink price analysis chart, we can see that the price has been steadily increasing and is currently trading near its all-time high of $7.28. The bulls have been in control of the market since today morning, and the price has found strong support at this level.
The moving average convergence and divergence (MACD) is also bullish and suggests that the bulls are likely to remain in control for the foreseeable future. The relative strength index (RSI) is currently above the 50 level, indicating that the price could remain in an overbought state for some time. The LINK/USD pair shows that the 20-day EMA is above the 50-day EMA, which is another confirmation of the bullish trend in the market. This indicates that the bulls are gaining strength and will likely push prices higher soon.
LINK/USD 4-hour price chart: Chainlink price is facing rejection at $7.32
The hourly Chainlink price analysis chart shows that the price has been in an uptrend since early morning and is likely to continue rising as long as the buyers remain in control. The bulls have pushed the price above $7.28, and have surged by 1.41%. The price of Chainlink has seen an impressive surge over the past 24 hours, with prices increasing since the start of today. With a current market cap of over $3.7 billion, the 24-hour trading volume has decreased by 33.4% and is now at $231 million.
The MACD is above the signal line, which indicates that the bulls are likely to remain in control for the foreseeable future. The relative strength index (RSI) is currently at 54.22, which indicates that the bulls are still in control of the market on a 4-hour price chart. The 20-day EMA is also above the 50-day EMA, which points to a strong uptrend in the near future. Therefore, traders should look for buying opportunities if the price dips slightly.
Chainlink price analysis conclusion
In conclusion, Chainlink’s price analysis suggests a bullish trend today, and buyers are in control of the market. The bulls have successfully pushed the price above $7.28 and could potentially reach $7.32 or higher if they remain in control. On the other hand, traders should watch out for any signs of a trend reversal, as the bears could take back control if they manage to push prices lower.
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2023-02-04/