The LINK/USD price experienced a significant recovery yesterday night, and the most recent Chainlink price analysis gives hopeful signs for today and is in favor of buyers. The latest developments have been positive, despite the gradual price oscillation and the bears’ attempts to secure the ascendant on the price chart by lowering the coin value at the very beginning of the day. The fact that the price is once again approaching the $7.24 level is encouraging for bulls. If buyers are tenacious, additional recovery appears feasible as well.
LINK/USD 1-day price chart: Bulls pursue $7.37 as their next target
The Chainlink price analysis for today shows strong momentum. The bulls have been in control of the market, though, since today’s price increase is a result of their actions. The bulls have raised the price to $7.24, and as of right now, the coin has increased in value by 1.90 percent over the previous 24 hours. However, the coin has lost 1.27 percent over the past week. Today’s market dominance is 0.32 percent due to the 3.62 percent increase in trading volume and the 1.97 percent growth in market cap.
Additionally, there is high volatility, which is positive for buyers in terms of future market trends. Similarly, the Bollinger bands indicator’s upper edge, which represents resistance, is currently resting at $7.62, while its lower edge, which represents the strongest support, is resting at $6.89. When compared to the moving average value of $7.25, the Bollinger bands indicator shows an average of $7.26. The relative strength indicator (RSI), indicates the buying activity in the market, as the indicator shows an upward curve at index 51.
Chainlink price analysis: Recent developments and further technical indications
Despite the fact that the price breakout was downwards, the four-hour Chainlink price analysis shows an upward trend because the price has been moving upward over the past eight hours. This is supported by the four-hour price chart, where green candlesticks suggest an increase in coin value. It appears that the bulls will shortly reach their next target because the bullish momentum has successfully kept the price above the $7.24 margin. The moving average is still below the SMA 50 and is currently resting around $7.17 on the four-hour price chart.
Although there isn’t much volatility on the 4-hour chart, the Bollinger bands have begun to diverge, which suggests that price variations will become more frequent. The Bollinger bands indicator’s upper value is currently $7.29, while its lower value is $7.08. The most recent price upturn has caused the RSI score to rise to index 52.
Chainlink price analysis conclusion
Today’s Chainlink price analysis is positive because bulls have driven up the value of the cryptocurrency even more. If the positive momentum persists, a further rise in the price level over $7.24 is also anticipated. The most recent price trend line is building higher. Green candlesticks are seen on the hourly price chart for the market value of cryptocurrency, which has risen over the previous four hours as well.
