With the cryptocurrency’s price staging a significant recovery today, recent Chainlink price analysis speaks for the bulls. Despite the slow price swings and the bears’ attempts to secure the ascendant on the price chart by reducing the token value, the uptrend has continued. The fact that the price is once again approaching $7.03 is encouraging for investors. If buyers are persistent, additional exploitation also seems feasible.
LINK/USD 1-day price chart: Positive trend takes the price higher to $7.03
Given that over the past 24 hours there has been a relative increase in buying versus selling activity, daily Chainlink price analysis is suggesting bullish momentum. Looking at the bigger picture, price trends appear to be shifting back in favor of buyers. The price seems more stable and is holding its level. Earlier, a downside shock dissipated price levels as the bulls faced stiff resistance from the bearish side. The coin has surged in value to $7.03 and the price is still trading above the $6.78 moving average (MA) level.
Additionally, there is a lot of volatility, which is positive for buyers in terms of future market trends. Similarly, the upper border of the Bollinger Band indicator, representing resistance, is currently resting at $7.53, while its lower border, representing the strongest support, is resting at $6.12. Bollinger Bands are also currently averaging $6.82. The relative strength indicator (RSI), which shows buying activity in the market, is on an upward trajectory at index 51.
Chainlink price analysis: Current developments and further technical indications
Although the price has been down a bit recently, Chainlink’s four-hour price analysis shows an upward trend as there has been relatively more upside today. The four-hour price chart, where the green candle is larger than the red one, indicating an increase in coin value, confirms this. The price was successfully propelled above the $7 margin on bullish momentum and it now seems like the bulls will regain the lead shortly. The moving average indicator is currently at $7.13 on the four-hour price chart.
The Bollinger Bands are expanding, which indicates high volatility and frequent market changes. The higher reading of the Bollinger Bands indicator is now $7.41 while its lower reading is $6.50. The RSI score rose to index 57 but has since fallen to index 55 as the recent price decline suggests current selling activity.
Conclusion of the Chainlink price analysis
As the coin’s support manifests itself, Chainlink price analysis predicts an uptrend for the cryptocurrency. By boosting the coin value to $7.03, the bulls were able to stave off the bearish pressure. The market value of cryptocurrencies, which has increased during the day, is represented by a green candle on the daily chart.
