Chainlink price analysis: LINK shows bullish momentum near $24 pivot

TL:DR breakdown

• Chainlink price is showing resistance above $23.94 mark.
• Strong rise in price expected in the following week.
• Support found resting at $22.42 mark.

Chainlink price is constantly rising above the $23.94 mark. Like so, there have been a strong bullish trend which is followed by a slight bearish one according to the latest chart. The cryptocurrency seems to be overcoming the resistance level at $24, and we may assume that it might cross it in the near future.

Regardless of the few bullish candles appearing here and there, there is a strong possibility of Chainlink price jumping above the $24.52 threshold to maintain a new high point.

Chainlink price analysis: 4-hour chart showing bullish retrace

The 4-hour chainlink price chart has been showing a bullish momentum according to the latest statistics. Despite the strong bearish uphold in the previous few hours, the current trend reveals a relatively strong bullish uphold. The green candlestick is trying to jump above the $23.94 mark, showing a great possibility of an increase in Chainlink price. Whereas, the Bollinger’s band indicator is showing an average at $23.4, to be exact.

Likewise, the moving average in the chart stands at $23.8 of value with a relatively high amount of resistance. Talking about the extremes of the Bollinger’s band, the top end is resting at the $ 24.52 mark while the bottom end is at the $22.42 mark.

As per the research, the relative strength index (RSI) indicator is quite essential in predicting the current and upcoming market trends. The current RSI score in the 4-hours price chart is 57.15 which is relatively a strong sign for the bullish trend. This number may reach 70 and above, making the current RSI value exceed the overbought threshold.

Chainlink 1-day chart: Sellers await more bearish momentum

Despite the 1-day chart showing recurrent bullish signs from the previous three days, today’s case has been different. Today, the Chainlink price has experienced bearish momentum with strong resistance at $23.94. If we talk about the Bollinger’s band scenario, it is also showing us a sharp resistance at $18.95 of price.

On the 1-day chart, the upper end of Bollinger’s value is at $25.93 and the lower end is at $11.98. Yet, the volatility for the Bollinger’s band is increasing hinting at a possibility of a decrease in price in the future. The price might fall even below $23.94, considering the fact that the latest candlestick is showing a red indication.

The relative strength index (RSI) number in the 1-day Chainlink price chart is at 69.24 which is a very positive sign for the bulls. The buyers are storming the market, despite the current bearish trend, and might overcome the slight decline in price. They are trying their best to take the price above the $25.9 high.

Whereas the Moving Average indicator shows us that there is considerable resistance at the $22.34 price level. An increase in price is expected as the volatility is increasing in favour of the bulls.

Out of the 26 total indicators, we can see that eight stand at the selling position while 12 at the buying position. Like wise, six still stand at the neutral position as bulls and bears try to win over the market, as a result cancelling out each other. If we discuss the moving average indicators, 11 out of the total are at the buying state while three remain at the selling position.

Among the oscillators, five stand at the selling position while the other five at the neutral position. We can see that the current market trend is at a neutral state because the buyers and sellers are competing with each other to enhance their asset value.

Chainlink price analysis conclusion: Will LINK cross $25

To conclude, we can say that the recent market trends have been very neutral in nature. In the past few hours, a bullish trend has been seen and the price seems to go above the $23.94 resistance value.

Despite the recurring bearish trend, the bullish trend is struggling to move above $24.5 by establishing a new highest point. The RSI score seems promising and we can expect a sudden jump in the Chainlink price during the upcoming days.

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.

Source: https://www.cryptopolitan.com/chainlink-price-analysis-2021-08-05/