Chainlink is back up to $7.24, resuming its bullish trend
According to the Chainlink price analysis, the momentum for LINK/USD is bullish. The price began to rise again after finding support at $7.17. Previously, the cryptocurrency corrected yesterday following a significant drop in price levels. The cryptocurrency has gained significant value as a result of the bullish momentum, and the price is currently recovering. Support for LINK/USD is firm at $6.76, with resistance at $7.40, the area where LINK was rejected yesterday, followed by another resistance at $7.53.
LINK gains value due to bullish sentiment
The Chainlink price analysis 1-day price chart reveals an increase in price. At the time of writing, the LINK/USD is trading at $7.24. The crypto pair is still down 3.88 percent in the last 24 hours as a result of yesterday’s correction, but it has gained 9.01 percent in the last seven days. The trading volume has increased by 29.60%, and the market dominance is now 0.32 percent.
There is a high level of volatility because the Bollinger bands for LINK/USD cover a larger area. According to the 1-day data, the price has been moving in a zigzag pattern over the last few days. The lower Bollinger band is at $6.14, representing the lowest level of support for LINK/USD, and the upper Bollinger band is at $7.51, representing a level of resistance for LINK/USD.
The relative strength index (RSI) is in the top half of the neutral zone, with an index of 54 and an upward slope. According to the indicator, today’s buying activity is progressing.
Recent advancements and new technical indicators
The 4-hour Chainlink Price Analysis shows that bulls successfully resisted the bearish assault that began in the final minutes of yesterday’s session, as the price function is now moving upward after a four-hour drop.
The Bollinger bands’ widening has increased the volatility on the 4-hour chart as well. With an upper range of $7.61 and a lower band of $6.88, the average price is $7.25. The average of the Bollinger bands is situated just above the LINK/USD price level. The rising trend of the RSI, which is currently at index 51 and in the neutral zone, points to a rise in market buying activity.
Conclusion
The Chainlink price analysis predicts further price improvement and a possible continuation of the current upward price trend. Because of the bullish market sentiment toward LINK/USD, technical indicators indicate that the price of LINK/USD will rise further in the coming hours. Chainlink may test the $7.40 resistance level in the current or next trading session.
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