The Chainlink price analysis reveals the bullish momentum is in quite good health. The price of LINK/USD has increased significantly over the past few days, rising to the $6.93 level. This came after a breakout from the recent range between $6.40 and $6.50.
The LINK price has been trading in an ascending channel pattern since the start of today’s session. The price has broken out from the upper boundary of this channel and is now facing resistance at $6.96. If the bulls can break above this level, then we expect to see further gains in LINK/USD.
LINK/USD 1-day price chart: Bull’s eye $6.96 resistance next
The 1-day price chart for the Chainlink price analysis shows that the bulls are taking the bar higher every day as the trend line is upwards. The next resistance inline is at $6.96, as the coin is trading at $6.93 at the time of writing. The crypto pair also reports a 4.41 percent increase in value over the last 24 hours and an increase in value of 12.17 percent over the past week.
The market cap has also increased by 17 percent, and it is currently hovering around the $3.58 billion mark. However, the trading volume is still quite low, only around $260 million in the last 24 hours.
The RSI is on an upwards curve indicating more buying activity going on in the market. The Relative Strength Index is currently at 50.93, and further upside can be expected if the momentum is maintained. The MACD shows a bullish trend as well, with increasing buying volume. The MACD line has crossed above the signal line, indicating more buyers than sellers in the market. The moving average indicator on the daily chart is also showing a bullish trend at the $6.57 mark.
Chainlink price analysis: LINK /USD is trading above $6.90 as bulls gain momentum
The 4-hour Chainlink price analysis shows that the price function has been on an upward trend from the last 24 hours after breaking out of its trading range between $6.40 and $6.50. Today no bearish hindrance has been observed as the bulls were aggressive enough to break through the $6.90 level, pushing it up to the current price of $6.93 and sustaining an uptrend until now.
The RSI has been rising steadily since yesterday and is currently at 61.12. Moreover, the RSI is moving toward the overbought region, so we can expect further upward movement in LINK/USD. The MACD also shows a bullish signal and is currently at 0.079, which indicates that more buyers are entering the market than sellers. The moving average indicator on the 4-hour chart for LINK/USD is also showing a positive trend recently at $6.73.
Chainlink price analysis conclusion
To sum up the Chainlink price analysis, it looks like the bulls are strongly in control of the market at this point. The LINK/USD pair has been on an upward trend for some time now and is currently trading above $6.90. Both charts, daily and hourly, show a bullish trend and indicate further upward movement if the momentum is maintained.
