Chainlink price analysis reveals that the market is currently in an uptrend with LINK value appreciating to $6.24. The cryptocurrency has seen an increase of more than 8% in the past 24 hours as it turned bullish after a week of consolidation. Chainlink price is approaching a crucial resistance level at $6.25 and may break out soon. Support for the cryptocurrency lies at $5.47. Chainlink’s price is currently trading at $6.24 and has seen a slight price increase in the last 24 hours.
The market capitalization of the cryptocurrency is $2,920,205,733 and its trading volume is $678,515,780 in the same time frame. The digital asset is currently the tenth largest cryptocurrency by market cap. Chainlink price analysis shows that the LINK/USD pair had been consolidating for a week between support at $4.50 and resistance at $5.80. The cryptocurrency turned bullish yesterday as it broke above the $6 mark. The digital asset hit a high of $6.48 before correcting lower, Chainlink has been one of the best performing digital assets over the past 24 hours.
Chainlink 24-hour price analysis confirms a bullish trend for the market, as the price has covered an upward move in the past 24-hours. Sellers controlled the market last week as a bearish wave developed. But today, an unexpected surge was recorded by the cryptocurrency as its value hit a high of $6.24 before a minor retracement took place. The LINK/USD pair is currently trading near the $6.24 level and may resume its upward move soon. On the downside, the closest support levels are present at $5.47. If the price falls below these levels, it may trigger a new bearish wave in the market.
The Bollinger Band indicator shows that the market is going to face high volatility in the upcoming trading sessions. The Moving Average Convergence Divergence Indicator has formed a bullish cross, which may cause Chainlink price to rise. The RSI indicator is currently above the 50 level, which means the market is in an uptrend.
Chainlink 4-hour price analysis shows that the market is currently facing a strong resistance level at $6.25. If the price breaks out of this level, it can climb towards the $8 mark. Support levels for the cryptocurrency sit at $5.47. The MACD indicator on the four-hour price chart shows that the market is in an uptrend because the signal line is above the histogram.
The RSI indicator is currently near the 60 level, which means the market is overbought. The Bolinger Band indicator on the 4-hour chart shows that the market is above the upper Bollinger line, which means the cryptocurrency is overbought.
To conclude, Chainlink’s price analysis shows that the price is currently in an uptrend while the market is experiencing a price increase. The current market trend for Chainlink is bullish as the price has appreciated in the last 24 hours. The technical indicators are all pointing to further price increases in the near future. However, if prices start falling, the closest support levels are present at $5.47 and Chainlink (LINK) has seen a slight price increase in the last 24 hours as the digital asset trades around from the price level of $6.24.
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