The Chainlink price analysis reveals sideways price movement since there is once again selling pressure. Although the trend is still uncertain, the selling pressure might intensify over time. Due to a price rebound over the past two days, the trend has changed from being generally negative over the previous week to being positive. The coin is once again under pressure, and the major trend has not yet been identified. The price of the coin is currently circling around the $7.13 level with a modest predisposition toward the negative side.
LINK/USD 1-day price chart: Link feels pressure after recovering
According to the 1-day Chainlink price analysis, the current trading range for cryptocurrency is relatively limited. It is currently trading at $7.13. Given that the recovery observed during the last two days was less as compared to the corrections that took place earlier, But the LINK/USD pair’s price value has increased by 1.79 percent over the past 24 hours, largely as a result of yesterday’s bullish price action. Additionally, the trading volume has increased by 28.53 percent since yesterday, and market dominance is currently 0.31 percent.
The support and resistance levels for the LINK price, represented by the upper and lower Bollinger bands, respectively, are very far apart at $8.32 and $6.24 due to the prevalent volatility. At the level of $7.37 above the price, the average of the Bollinger bands is beginning to take shape. The moving average (MA) is at 7.06 below the SMA 50 curve. Even though it is still hovering around index 47, the relative strength index (RSI) is moving along a level line, indicating that there is more selling pressure on LINK.
Chainlink price analysis: Recent developments and further technical indications
After hitting resistance at a level of $7.13 earlier, at the beginning of the trading session, the price of LINK was corrected; however, over the last four hours, it has been rising once more, according to a 4-hour Chainlink price analysis. Although the coin is currently trading in the green, the difference is not much. Whether there will be a profit or loss will be determined in the ensuing hours, however, selling pressure can return again.
On the 4-hour chart, the LINK’s volatility is moderate, as seen by the location of the upper and lower Bollinger bands, which represent support and resistance, respectively, at $7.13 and $6.79, while the average for the indicator is set at $6.96. The moving average is currently heading higher at the $7 level, crossing above the SMA 50 curve. At index 58, the RSI is currently looping through the upper half of the neutral zone, and its curve is slightly upward.
Chainlink price analysis: Conclusion
The Chainlink price analysis shows that the price function is once again under strain, but the LINK/USD has not yet faced a proper rejection. But because the bulls have been in charge for the last few hours, we predict that over time, selling pressure may increase and a slight price decline may occur as a result of a correction.
