Chainlink price analysis for today is indicating a positive trend. Chainlink (LINK) has had a great bullish run over the last 24 hours. The coin is currently trading at $8.31 and is up by 10.34 percent on the day. The market capitalization of the coin has also reached $4.05 billion while the 24-hour trading volume of the coin is currently at $661 million. The coin started the day at $7.53 and reached a high of $8.31. The bulls have been able to push the prices higher and are currently facing resistance at $8.35
Chainlink price action on a daily chart: LINK/USD faces rejection at $8.35
Chainlink price analysis on 24-hour charts shows that LINK/USD has regained its bullish momentum, as the market has moved above the $8.00 level. The price is testing the $8.35 resistance level, If Chainlink manages to close above this level, it will invalidate the bearish pattern and could lead to a move towards $9. On the downside, initial support is seen at $7.53, a break below this level could see LINK/USD head towards $6.64. The moving average indicator (MA) is keeping its value at $7.46 and is trending horizontally.
The volatility has been comparatively mild, which means further uptrends may follow in the future. Moving on, the Bollinger bands’ values are as such the upper band is at $8.35, representing resistance, whereas the lower band is at $7.53, representing support. The Relative Strength Index (RSI) score is now balancing itself at index 52.18 after the rise in price, but as the price elevation is quite slow, the RSI is also trading at a horizontal line.
LINK/USD 4-hour price chart: Recent updates
The four-hour Chainlink price analysis confirms the increase in price as the bulls made a comeback in the past few hours. They elevated the price significantly yesterday after bears plunged it down. Bulls were successful in recovering from the loss, but they got exhausted afterward, followed by another plunge, which they recovered again. The cryptocurrency recovered again as the price has been uplifted up to $8.31 now.
The moving average (MA) indicator in the 4-hour timeframe is current at $7.89 after the recent hike. The Bollinger Bands have expanded a bit as the upper band is now at $8.23 and the lower band is at $7.38. The bullish momentum has helped the RSI maintain its slight upwards curve as its score has moved up to the index of 61.63.
Chainlink price analysis conclusion
Overall Chainlink price analysis shows that the coin is in a strong bullish momentum as the price has recovered from the slump and is now trading at $8.31.The bulls may face some resistance at this level, but if they manage to push the price above $8.35, we may see LINK/USD head towards the $9.00 level in the near term.
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