Chainlink price analysis: LINK price to hit $10 as bullish momentum continues

TL;DR Breakdown

  • Chainlink price analysis shows an uptrend
  • Prices have seen a surge of 7.91 percent
  • LINK’s current trading price is $9.20

Chainlink price analysis shows that the digital asset is currently trading at $9.20 after a surge of 7.91 percent in the last 24-hours. The market capitalization for LINK is now at $4.21 billion and its trading volume has reached $908,186,637.50 in the same time period. The cryptocurrency’s price action over the past few days has been very bullish as it surged past the $8.0 level and even managed to hit the $9.0 mark. LINK is currently ranked in position 20 in the market while it has a market dominance of 0.35 percent.

LINK/USD 1-day chart price analysis: Bulls face a major challenge at $10.0

The one-day LINK/USD chart shows that the digital asset has made higher highs and higher lows since the beginning of the month. The price action is currently above the moving averages which are bullish. The MACD indicator is in the positive territory, but the RSI indicator is close to the overbought levels which could mean that a correction is on the cards. The major resistance for the bulls is at $10.0 and if they can overcome this level, then a move towards $12.0 is possible. On the downside, the support levels are at $8.5 and $8.0.

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

The Bollinger bands are starting to widen, an indication that the market is starting to gain some momentum. The upper band is currently at $10.4 which is very close to the major resistance level. The digital asset will have to close above this level on a daily basis in order to continue the uptrend.

The 50-day EMA is currently at $8.1 and the 100-day EMA is at $7.2. These moving averages are acting as support levels on the downside. The buyers have been able to push the prices above these moving averages as buying pressure has increased in the market.

Chainlink price analysis on a 4-hour timeframe: Bearish divergence develops

The 4-hour LINK/USD chart shows that the digital asset has made higher highs and higher lows. The price action is currently trading above the moving averages which are bullish. The MACD indicator is in the positive territory but there is a bearish divergence developing as the prices make higher highs but the MACD indicator makes lower highs. This could mean that a correction is on the cards in the near term.

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

The 4-hour chart for Chainlink price analysis shows that the digital asset has formed a bearish divergent candlestick pattern. This usually happens before a price correction or a reversal. The RSI indicator is also in the overbought territory, which means that the prices could see a sell-off in the near term. The support levels are seen at $8.5, $8.0, and $7.5 while the resistance levels are at $9.5 and $10.0. The Bollinger bands on the 4-hour price chart are wide, showing that the market volatility is high.

Chainlink price analysis conclusion

Chainlink price analysis shows chainlink’s bulls have returned with a vengeance over the past few days, pushing the cryptocurrency up by over 20% since last week. The current market sentiment is bullish, but there is a major resistance at $10.0 that the bulls will have to overcome in order to continue the uptrend. A bearish divergence is also developing on the 4-hour time frame which could mean that a correction is on the cards in the near term.

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