ChainLink Price Analysis: Are the Bulls Dominating LINK Price?

  • The bulls are recovering from the bear’s defeat. The coin is headed for an uptrend.
  • The current price of the coin is around $7.49 and it is up around 2.58% in the last 24 hours.
  • The LINK/BTC pair is around 0.0003208 BTC

The bulls are breaking the bearish trend, ChainLink price seems to be following the upside curve with steady bullish momentum. The bulls have made more efforts to break the bearish trend as the downtrend has dashed investors’ hopes. The bulls have brought renewed hope to investors. The coin can regain its potential if the coin continues to follow the uptrend. The coin’s price started to enter a downward curve on July 30 and now the bulls have broken the bearish trend after a long time.

ChainLink’s current price is $7.52, showing an incline of 3.66% during the intraday trading session. The LINK/BTC pair is up around 1.71%, trading at around 0.0003208 BTC. If the bulls manage to follow the upside curve, the price could rally up to the primary resistance of $8.0537. If the uptrend continues, the price could reach the secondary resistance of $9.5129 on the daily chart. If the bears make additional efforts to counter the uptrend, the price could approach the primary support level around $7.0991. If the bulls do not react, the bears can easily drag LINK price down to its secondary support at $6.2757.

The coin’s volume is down about 7.61% during the intraday trading session. The continued decline in volume suggests that selling pressure has increased. The volume to market cap ratio is around 0.3159

Easing selling pressure may lead to an uptrend, buyers need to show some movement. The bulls enter the trade, we can expect an increase in the volume of the coin and the coin can return to its real value.

The technical indicator is showing the following: The Relative Strength Index is in the overbought territory and the RSI is still moving towards the overtaken territory. The current RSI is 56.99, which is higher than the average RSI. the average RSI is 55.40. The price is moving above the estimated 20.50 moving average and still lagging behind the daily moving average of 100,200.

Technical Levels

Support levels: $7.0991 and $6.2757

Resistance levels: $8.0537 and $9.5121

Disclaimer

The views and opinions of the author or those mentioned in this article are for informational purposes only. They do not constitute financial, investment or other advice. Investing in or trading in crypto assets involves risk of financial loss.

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