Cryptocurrency value appreciates to $6.24 after the bullish turn

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Chainlink price analysis reveals that the market is currently in a bullish trend with LINK value appreciating to $6.24. The cryptocurrency has seen an increase of over 8% in the last 24 hours as it turned bullish after a week-long consolidation. Chainlink’s price is approaching a crucial resistance level at $6.25 and may break out soon. The support for the cryptocurrency lies at $5.47. Chainlink’s price is currently trading at $6.24 and has seen a minor price increase in the last 24 hours.

Cryptocurrencies price heatmap, Source: Coin360

The market capitalization of the cryptocurrency is $2,920,205,733, and its trading volume is at $678,515,780 in the same time frame. The digital asset is currently the tenth-largest cryptocurrency by market capitalization. Chainlink price analysis shows that the LINK/USD pair had been consolidating for a week between the support at $4.50 and resistance at $5.80. The cryptocurrency turned bullish yesterday as it surged above the $6 mark. The digital asset reached a high of $6.48 before correcting lower, Chainlink has been one of the best-performing digital assets for the last 24 hours.

Chainlink price action on a daily chart: LINK/USD support is present at $5.47

The 24-hour Chainlink price analysis confirms a bullish trend for the market as the price covered an upward movement in the past 24 hours. The sellers controlled the market in the past week as a bearish wave was expanding. But today, an unexpected increase was experienced by the cryptocurrency as its value moved up to a $6.24 high before a minor retracement took place. The LINK/USD pair is currently trading near the $6.24 level and may soon resume its upward movement. On the downside, the nearest support levels are present at $5.47. If the price breaks below these levels, it may start a fresh bearish wave in the market.

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LINK/USD 1-day price chart, source: TradingView

The Bollinger band indicator shows that the market is going to face high volatility in the upcoming trading sessions. The moving average convergence divergence indicator has formed a bullish crossover, which may result in an increase in the price of Chainlink. The RSI indicator is currently above the 50 level, which signifies that the market is in a bullish trend.

Chainlink price analysis on a 4-hour timeframe: LINK/USD pair Bulls stumble to keep control

The 4-hour Chainlink price analysis shows that the market is currently facing a strong resistance level at $6.25. If the price breaks out of this level, it may surge towards the $8 mark. The support levels for the cryptocurrency lie at $5.47. The MACD indicator on the Four-hour price chart shows that the market is in a bullish trend as the signal line is above the histogram.

image 282
LINK/USD 4-hour price chart, source: TradingView

The RSI indicator is currently near the 60 level, which signifies that the market is overbought. The Bolinger band indicator on the 4-hour chart shows that the market is above the upper Bollinger line, which signifies that the cryptocurrency is overbought.

Chainlink price analysis conclusion

To conclude, Chainlink price analysis shows that the price is currently in a bullish trend as the market is seeing a price increase. The current market trend for Chainlink is bullish as the price has been appreciating in the last 24 hours. The technical indicators are all pointing towards a further increase in prices in the near future. However, if the prices start to fall, the nearest support levels are present at $5.47 and Chainlink (LINK) has seen a slight price increase in the past 24 hours as the digital asset trades around the $6.24 price level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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