According to the Chainlink price analysis, today has seen a return of the bulls. While bulls have dominated the charts since March 12, 2023, when the cryptocurrency trend turned bullish after a protracted bearish decline, bears previously crashed price levels yesterday when LINK faced rejection near the $7 level. As a result of the bulls’ successful comeback in recent hours, the price is back at the $6.62 mark. Even though there was a significant price decline previously, the bulls were able to bounce back and retake the lead. In the ensuing hours, the price might rise even more.
LINK/USD 1-day price chart: Bulls fight bearish trend to maintain dominance
The bullish momentum has resumed, and the one-day Chainlink price analysis predicts a price rise. Despite a recent decline in price, the tendency today is once more supportive of the bulls. Although the trend was generally bearish, an upswing has lately been seen, and the price has risen to the $6.62 level. The price is still above the $6.52 figure of the moving average indicator (MA).
Earlier weeks had also seen a crossing between the SMA50 and SMA20, which was a sign that the bears were in the driving seat as the SMA20 had moved below the SMA50. According to the Bollinger Bands Indicator, the strongest resistance for LINK is represented by the higher value of $7.67, while the strongest support is indicated by the lower value of $6.07. Just after the support arrived and the market started purchasing again, the RSI score is balancing at index 45 for the day.
Chainlink price analysis: Recent developments and further technical indications
Indicators of bullish activity are visible in the 4-hour Chainlink price analysis chart as a price rise has been noted. Following the restoration of the bullish trend, the price levels are now approaching $6.62. Previously, there had been a downward tendency, but the bulls have been able to turn things around. Although the price has begun to rise, the moving average (MA) level is falling at $6.77 mark as a result of the prior decline.
The MA is crossing below the Bollinger bands average, which is presently located at the $6.77 level as well. While the lower Bollinger band is currently at $6.38 and the upper Bollinger band is currently at $7.16. The RSI number is 48, which is regarded as being in a fairly neutral area. However, the bulls have been able to hold the market steady at $6.62 for the time being.
Chainlink price analysis conclusion
The bullish momentum has been revived, and the one-day and four-hour Chainlink price analysis is supporting a price rise. The price has significantly improved today and is now fair at $6.62. The hourly prediction is favoring the bulls as well, raising the chances of further improvement for the buyers, and the majority of the upward movement in the price function has been seen over the past four hours.
