Chainlink’s latest price analysis confirms an uptrend for the day, as buying momentum continues to build up today. Over the past week, the market seems to be under the influence of sellers as the price level has fallen. But today the trend has shifted as the price jumped to $13.5 during the day. This is a relief for buyers as overall the bears have been and still have a dominant position.
1-day price chart LINK / USD: bullish reversal breaks a bearish wave if price returns to $13.5
Chainlink’s daily price analysis confirms an uptrend in the market as the price masks the upside movement in the last 24 hours. Providers have been controlling the market for the past week as the bearish wave has widened. But today, the cryptocurrency has experienced an unexpected surge as its value surged to a lower high of $13.5.
However, it is well below its moving average (MA), which sits at $13.8. Profits are also minimal, at just 0.31% over the last 24 hours, and trading volume is also down by more than 35% today.
As the area between the Bollinger Bands shrinks, the upcoming price events will most likely be bearish, discouraging news as the price swings are already minor. The top bar shows a reading of $16.1, which is resistance, and the bottom bar shows a reading of $12.5, which is the strongest support.
The 20 SMA curve is trading below the 50 SMA curve as the bears have taken the dominant position so far. The Relative Strength Index (RSI) is trading up from index 39, indicating buying activity in the market.
Chainlink Price Analysis: Recent Developments and Additional Technical Notes
Chainlink’s four-hour price analysis is in favor of the buyers as prices have seen a good spike in the first four hours of today’s trading session. This is because the bulls have returned and are working hard to reclaim the lead.
Buying momentum picked up momentum as selling pressure resurfaced, bringing the coin’s value to $13.5 over the past four hours. However, the adjustments seem to have been controlled so far.
The correction is about to end and the uptrend will continue for the next few hours. The Bollinger Bands indicator shows low volatility, which averages $13.7. At the same time, the top bar shows a value of $14.2 and the bottom bar shows a value of $13.1, providing a dollar margin for price movements. The chart of the Relative Strength Index (RSI) shows a downward curve as the result has just fallen to index 45, but the indicator value increased significantly earlier in the day.
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The last few months have proven very unfavorable for cryptocurrencies as bears generally seem to have the dominant advantage. Therefore, the LINK/USD technical indicator is showing bearish signals. There are 15 indicators on the sell side, eight on the neutral side, while only three indicators support the buy-side.
Conclusion Chainlink price analysis
Chainlink’s one-day and four-hour price analysis above speaks for the day’s gains. Cryptocurrencies have experienced a significant decline over the past few days as price levels continue to decline. The last few hours have seen a different trend as the bulls have shown tremendous strength, which bodes well for intraday trading.