Chainlink price analysis: LINK to set lower high above $15.5 as support arrives
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TL;DR Breakdown
- The Chainlink price analysis is Bullish.
- Price has recovered up to $16.
- Support for LINK/USD is present at $15.5.
The Chainlink price analysis reveals the bulls have made a comeback today. Previously bears have been ruling the price charts for the past few weeks, and even today, the price breakdown was downwards at the start but later on, a rise in LINK/USD price has been reported. The price is again at the $16 level, as the bulls were able to make a successful comeback in the last few hours. Although a noticeable drop in price occurred earlier, the bulls have been able to recover and have managed to take the price above $15 yet again. The price may increase further in the upcoming hours as well.
LINK/USD 1-day price chart: Bulls battle bearish momentum to retain control
The one-day Chainlink price analysis is dictating an increase in price as the bullish momentum has been revived. Although the price underwent a decline recently, today’s trend has again been supportive towards the bulls. Overall, the trend was bearish, but just recently, an upswing has been observed today, and the price moved up to the $16 level. The price is still standing below the moving average indicator’s (MA) value, i.e., $18.9.
A crossover between SMA20 and SMA50 had been recorded in the prior weeks as well, which was an indication of the bearish lead as the SMA20 has traveled below the SMA50. The Bollinger Bands Indicator indicates the following values; the upper value is $31 representing the strongest resistance, whereas the lower value is $14 representing the strongest support for LINK. The RSI score is balancing itself at index 31 for the day just above the border of the undersold region, hinting at the bearish pressure.
Chainlink price analysis: Recent developments and further technical indications
The 4-hour Chainlink price analysis is showing signs of bullish activity as an increase in price has been detected. The price levels are now touching $16 after the bullish momentum was recovered. A downward trend had been following previously, but the bulls have been able to return back. The price has jumped above the moving average (MA) level, i.e., $15.14, because of the previous drop.
The Bollinger bands average is currently found at the $15.4 level. Whereas the upper Bollinger band is standing at $16.6 level and the lower Bollinger band is standing at $15.2 level. The RSI score is 45, which is considered a quite neutral position. Nonetheless, the bulls have been able to stabilize the price at $16 for now.
From a general overview, the coin value has undergone major improvement during the last few hours, but the price is in the lower price envelope, and still, the bearish pressure weighs on the price function. This is why the technical indicators for LINK/USD are going bearish with 14 indicators on the selling side, eight indicators on the neutral side, and only four indicators on the buying side.
Chainlink price analysis conclusion
The one-day and four hours Chainlink price analysis is confirming an increase in the price as the bullish momentum has been revitalized. The price is now balanced at $16 after undergoing a significant improvement today. Chances of further improvement are increasing for the buyers as the hourly prediction is giving an upper hand to the bulls as well, as most of the upwards movement in price function has been observed during the last four hours.
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