https://ift.tt/XVIcBZC price analysis: LINK gains positive momentum at $16.5

TL;DR Breakdown

• Chainlink price prediction appears to be bullish.
• The strongest resistance is present at $23.9.
• The strongest support is present at $15.3.

The Chainlink price analysis for February 4, 2022, reveals the market following a strong emerging bullish movement. The price of Chainlink has been fluctuating over the past few hours, more to the increasing side. On February 3, 2022, the price crashed from $15.9 to $15.3 but regained momentum and increased to a value of $16.5, signifying a powerful bullish momentum. Chainlink continues with the same velocity and aims for higher highs. The current price of Chainlink is $16.5, with a trading volume of $717,201,990. Chainlink has been up 6.46% in the last 24 hours. Chainlink currently ranks at #22 with a live market cap of $7,692,693,288.

LINK/USD 4-hour price analysis: Latest developments

The Chainlink price analysis reveals the market’s volatility following a declining movement. This means that the price of Chainlink is becoming less prone to undergo variable change on either extreme. The upper limit of the Bollinger’s band is present at $17.6, which serves as a point for support rather than resistance for LINK. The lower limit of the Bollinger’s band is present at $15.3, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls. The LINK/USD price appears to be moving upwards towards the resistance band and contains the potential to break it in the next few hours; only time will tell.

The Relative Strength Index (RSI) is 51, showing a stable cryptocurrency stock. This means that the cryptocurrency falls in the upper neutral region. The RSI appears to move slightly upwards, indicating a further increase in the RSI score and movement towards stable dynamics, also signifying dominant buying behavior.

Chainlink Price Analysis for 1-day: Bulls engulf the market

The Chainlink price Analysis reveals the market’s volatility following a declining movement, which means that the price of Chainlink is becoming less prone to experience variable change on either extreme. The upper limit of the Bollinger’s band is present at $23.9, which serves as the most vigorous resistance for LINK. Conversely, the lower limit of the Bollinger’s band is present at $11.8, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to have crossed over the curve of the Moving Average just recently. The less volatile market may prove to be favorable for the bulls as they have good chances of maintaining their movement, giving the bears a hard time to recover.

However, the price of LINK seems to follow a straight path which may indicate unpredictability; the trend will be decided depending on the fluctuation of the cost in either direction.

The Chainlink price analysis shows the Relative Strength Index (RSI) to be 39, signifying a stable value for the cryptocurrency. This means that the cryptocurrency falls in the lower undervalued region. The RSI path seems to have shifted to an inclining movement, indicating future increments in the price and direction towards stability. The increase in RSI score also means dominant buying activity.

Chainlink Price analysis Conclusion:

The Chainlink price analysis reveals the cryptocurrency to follow a strong upwards trend with much room for bullish activity. The bulls have entirely taken over the market favored by the declining volatility, and they might be able to raise the price of LINK significantly and give the bears a run for their money.

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