LINK/USD set to break above $7 soon

Chainlink price analysis reveals that the LINK/USD pair is trading at $6.3. The next resistance is found at $7. The bulls have been in control of the market since the beginning of April as they push the price higher. The market is in a consolidation phase as it trades between $4 and $8. A break above $8 could see the price target to $10 in the near term. On the other hand, if the bears take control of the market, a drop below $4 could see LINK retesting the $2 support level.

The cryptocurrency’s market capitalization is $2.9 billion, and its trading volume was $678 million in the same timeframe. The digital asset is presently the tenth-largest cryptocurrency by market capitalization. For a week, the LINK/USD pair has been consolidating between support at $4.50 and resistance at $5.80, according to Chainlink price analysis. Yesterday, the cryptocurrency rallied past the $6 barrier, reaching a high of $6.48 before declining somewhat. Chainlink has been one of the best-performing digital assets for the last 24 hours; it has risen by over 9% in value.

Chainlink price action on a daily chart: Can LINK resume the uptrend?

The 24-hour Chainlink price analysis reveals that the LINK/USD pair is trading at $6.3. It has a market capitalization of $2.9 billion, and its trading volume was $678 million in the same timeframe. The digital asset is presently the tenth-largest cryptocurrency by market capitalization. On the 1-hour chart, Chainlink is in a descending channel as it fluctuates between $5.47 and $6.48. The price action will likely continue in this consolidation phase for a few more days before a breakout to the upside or downside occurs.

The bulls need to push the price above $6.48 to resume the uptrend. On the other hand, a break below $5.47 could see LINK retesting the $4.50 support level. The 4-hour chart reveals that Chainlink is in a bullish pennant pattern as it fluctuates between $5.47 and $6.48. A breakout to the upside could see the LINK/USD pair target the $7 resistance level. On the other hand, a break to the downside of this consolidation phase could see Chainlink retesting the $4.50 support level.

LINK/USD 1-day price chart, source: TradingView

The Bollinger band indicator shows that Chainlink is in a consolidation phase as it fluctuates between the upper and lower bands. A breakout to the upside of this consolidation phase could see LINK target the $7 resistance level. On the other hand, a break below $5.47 could see it retest the $4.50 support level. The Relative Strength Index indicator is presently above 60, which indicates that the bulls are in control of the market momentum. A break below 60 could increase selling pressure in the market as LINK retests the $5.47 support level.

Chainlink price analysis on a 4-hour timeframe: LINK/USD pair Bulls stumble to keep control

The 4-hour Chainlink price analysis reveals that the LINK/USD pair is in a bullish pennant pattern as it fluctuates between $5.47 and $6.48. A breakout to the upside of this consolidation phase could see LINK target the $7 resistance level. On the other hand, a break below $5.47 could see Chainlink retesting the $4.50 support level.

LINK/USD 4-hour price chart, source: TradingView

The Moving Average Convergence Divergence indicator is presently above zero, indicating that Chainlink is in a bullish trend zone. A move below zero could see selling pressure increase in the market as LINK retests the $5.47 support level.

At the time of writing, the LINK/USD pair is trading at $6.3, and its indicators are signaling a bullish continuation in the near term. The RSI indicator is presently above 50, which indicates that the bulls are in control of the market momentum. Also, the MACD line has crossed above the signal line, meaning that Chainlink could see further price appreciation in the near term.

Chainlink price analysis conclusion

To conclude, Chainlink’s price analysis indicates that the market is in a positive trend, with prices increasing. The current market tendency for Chainlink is bullish, with the price appreciating over the last 24 hours. Chainlink’s technical indicators all indicate a further rise in prices soon. If the rates begin to fall, however, the nearest support levels are at $5.47 and (LINK), which has recently seen a minor price increase as the digital asset trades around $6.24.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.