Chainlink price analysis: LINK retests $20, gaining 6.3 percent overnight https://ift.tt/3J4w4gK

TL;DR Breakdown

• Chainlink price analysis is bullish today.
• Price has increased up to $20.
• Support for LINK is present at $19.6.

The Chainlink price analysis is bullish today as the price has been rising for the last 12 hours continuously. Bulls are leading the price function for today as well following yesterday’s bullish lead. Currently, LINK is testing $20.3 resistance after facing multiple rejections below this level. However, bulls have brought the price level up to the mark, where they have recovered the weekly losses and have made some surplus profit as well. Buyers are showing interest as the RSI scores have also improved. Some stability in price is also notable as the levels have not fallen steeply after the notable decline on 13th December.

LINK/USD 1-day price chart: Bulls encountering $20.3 resistance

The 1-day price chart for Chainlink price analysis shows bulls have recovered the price level up to $20, as the cryptocurrency is trading hands at $20.1 at the time of writing. The LINK/USD shows an increase in price value by 6.3 percent over the last 24 hours and also reports an increase in price value by 2.5 percent over the past week as the trend has been upwards during the week. The trading volume has also increased by 4.31 percent, and the market cap has improved by eight percent in the last 24 hours.

The volatility is high as the Bollinger bands are expanded, but the lower band has started to show signs of convergence. The average line of the indicator is forming at $20.7, representing resistance for the LINK/USD pair. The upper value of the indicator is at the $25 level, and the lower value is at the $16 level representing support for the coin’s price. The Relative Strength Index (RSI) score has also improved as the price has found a support floor near the $17.7 range. The RSI, after climbing up, is now trading at index 43, indicating the buying level in the market.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows the price function has been upwards for the last 12 hours following a retracement period of eight hours. The price oscillated fast in the first four hours of today’s trading session, but a slowdown has been observed recently as the price reached near the resistance level of $20.3. A little more pressure is expected around this point as it is a crucial resistance level.

The volatility though mild but seems to be increasing again on the 4-hour chart, as the Bollinger bands, after converging slightly yesterday, are showing signs of expansion again, with the upper band reaching $20.5, which represents resistance for the coin, and the lower band has reached $18 with their mean average at $19.4 representing support. The moving average (MA) is present above the Bollinger bands average at the $19.3 level. The RSI curve on the 4-hour chart is flattening out, which is a sign of pressure building up from the bearish side. The RSI is present in the upper half of the neutral region, trading at index 60.

Chainlink price analysis conclusion

The Chainlink price analysis suggests the bullish momentum has caught up good but as bulls have been on the run for the last 12 hours and the price is in the lower price envelope, so bulls might be exhausted now as the RSI curve is also flattening up and bulls may not withstand the bearish pressure that has started to build up. So we expect LINK to enter retracement shortly before breaking above $20.3 in the later hours of today’s trading session.

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