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Chainlink price analysis: A bullish correction is underway for the LINK/USD pair; it will break above $7 before midnight


www.cryptopolitan.com 22 June 2022 04:57, UTC
Reading time: ~3 m

Chainlink price analysis reveals that the LINK/USD pair is trading in a sideways trend. The bulls have not been able to push the price above the $7 resistance, and the bears have not been able to push it below the $6.5 support. The RSI is close to the 50 levels, indicating that the market is now indecisive. Therefore, it is likely that the price will see a breakout in either direction soon. If the price breaks above $7, it can resume its uptrend and move towards its next resistance levels at $8 and $9.On the other hand, if the price breaks out below $6.5, it can decline towards its next support level at $6.25.

The overall cryptocurrency market is worth $2.9 billion and has a volume of $678 million in the same period. The digital asset is presently the tenth-largest currency by market capitalization. For a week, the LINK/USD pair had been consolidating between the support level at $4.50 and the resistance level at $5.80, according to Chainlink price analysis. Yesterday, when the cryptocurrency broke above the $6 barrier, it became bullish. The cryptocurrency surged past the $6 mark before falling back down, and Chainlink has been one of the best-performing digital assets for 24 hours.

Chainlink price action on a daily chart: LINK/USD support is present at $6.5

The 24-hour Chainlink price analysis reveals that the LINK/USD pair has surged by 3.2% and is presently trading at $6.61. The market capitalization of the digital asset is $2.37 billion, and it has a 24-hour trading volume of $1.16 billion. On the downside, a crucial support level is forming at $6, which is likely to stop any further price decline. On the upside, the bulls need to push the price above the $7 resistance level to resume the uptrend. The next resistance levels are found at $8 and $9, respectively. The overall cryptocurrency market is in a consolidation phase as most of the major digital assets have been range-bound over the past few days.

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

The Bollinger band indicator suggests that the market will likely experience significant volatility in the coming trading sessions. The moving average convergence divergence indicator has formed a bullish crossover, suggesting that Chainlink’s price will rise. The RSI indicator is presently above 50, which indicates that the market is in a good way.

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

The 4-hour Chainlink price chart indicates that the market is facing a significant barrier of $7. If the price breaches this barrier, it has the potential to rise to $8. The cryptocurrency’s support levels are at $6.5. The MACD indicator on the Four-hour price chart shows that the market is in a positive trend, with the signal line above the histogram.

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

The RSI indicator is currently near 50; consequently, the market is now indecisive. Therefore, it is likely that the price will see a breakout in either direction soon. If the price breaks above $7, it can resume its uptrend and move towards its next resistance levels at $8 and $9. On the other hand, if the price breaks out below $6.5.

Chainlink price analysis conclusion

In summary, Chainlink price analysis indicates that the market is in a positive trend, with prices increasing. The current market trend for Chainlink is bullish, with the price appreciated over the last 24 hours. Chainlink’s technical indicators are all pointing to an increase in prices soon. However, if prices begin to decline, the nearest support levels are at $6.5 and (LINK), where it has seen a modest rise in value in the past 24 hours as the digital asset trades around $6.6.

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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