Chainlink price analysis: LINK establishes a bullish pattern at $7.66, after an upsurge
Chainlink price analysis shows a strong upward trend for today as the coin has surged by over 6.81 percent in the last 24 hours. The bullish rally has pushed the coin to a new all-time high of $7.66, surpassing its previous high of $7.5 reached on February 9th. The surge in the last 24 hours has been supported by strong buying pressure from investors. The market cap has surged by over 6.78% in the last 24 hours and is now at $3.88 billion. The 24-hour trading volume of the LINK/USD pair was seen at $821 million, indicating a high demand for the coin in the crypto market. The buyers should remain cautious as the coin has recently faced strong resistance at $7.71 and may witness a sell-off near this level. The more buying pressure that is seen, the higher chances that it will break through levels.
LINK/USD 4-hour price chart: Latest development
Looking at the 4-hour Chainlink price analysis shows a further increase in momentum which is seen as a sign of strong bullish sentiment. The 4-hour chart shows that the coin has broken past its immediate resistance at $7.71, which was providing stiff resistance for the past few days. The coin is now supported by strong buying pressure and has further surged to a new all-time high of $7.66, indicating that the buyers are still in control.
The technical indicators also point to a strong bullish trend in LINK/USD. The moving average convergence and divergence (MACD) is currently trading in positive territory and is rising steadily. The relative strength index (RSI) is also in the overbought zone, indicating that the coin may face some short-term pressure near this level. Moreover, the Moving average(MA) envelopes have widened, which indicates that the market is currently in a bullish state.
Chainlink price analysis 1-day chart: LINK gains upward momentum at $7.66
The daily chart for LINK/USD has formed an ascending triangle pattern on the 24-hour chart, which indicates that the buyers have taken control of the market and are likely to push the coin toward higher levels. The short-term outlook for Chainlink remains bullish as the coin is trading above its crucial support level of $7.17. The buyers should continue to remain cautious and keep an eye on the $7.71 resistance level as any failure to break it could lead to a sell-off in the near term.
The Relative Strength Index (RSI) score is increasing at a faster pace and has reached an index of 52.74, which indicates that the market is currently in a bullish state. The moving average indicator is currently in the bullish zone, as the 50 SMA is located above the 200 SMA. The 50 SMA is currently at $7.087, while the 200 SMA is at $7.648 on the 24-hour chart. Furthermore, the moving average convergence and divergence (MACD) line is above the signal line, indicating bulls are still in control of the market.
Chainlink price analysis conclusion
The overall outlook for Chainlink remains bullish, and investors should look for buying opportunities near the current levels. The coin is expected to continue its upward trend and may break past the $7.71 level in the near future. Therefore, traders and investors should remain alert for further price action in the coming days.
