Chainlink (LINK) Price Analysis amid Bulls’ Control

  • LINK price reveals a bullish bias.
  • Chainlink surged 19.41%.
  • LINK’s resistance stands at $7.45.

Chainlink price outlook shows the token surged 19.41% following recoveries from bearishness that persisted over the previous 48 hours. The crypto crashed towards the $6 lows before bulls stepped up for rescue. For now, LINK/USD trades upside at $7.26, rising from the day’s open at $6.85. The token’s trading volume stands at $862,981,890, while the market cap is $3,424,563,891. LINK ranks 25th, its market dominance standing at 6.64%.

LINK/USD 1Day Timeframe – Bulls Target $10 Highs

The 24hr chart shows a bearish run that bulls stalled. The altcoin secured support near $6, attracting bulls to trigger upside moves. Chainlink rallied to the $7.32 following a 19% increase before a brief decline. While publishing this content, Chainlink traded at 7.31, gaining over 16% within the past 24 hours. The Relative Strength Index supports a bullish thesis as it stayed at 59.47. Nevertheless, LINK’s price neared the overbought level. And that could translate to near-term price correction.

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Meanwhile, bulls control Chainlink price as the alternative token trades beyond the 20-day and 50-day Moving Average. The RSI remained within the overbought zone, reflecting increased buying momentum. Also, the Moving Average Convergence highlights bullishness as the MAs diverge. The next resistance level stands at $7.45, and bulls might pause at the area. Overcoming this hurdle would see Chainlink exploring $10 in the short term.

The initial support to the downside stands at $6.50. However, a crash in this area will attract dip buyers. Nevertheless, losing ground at the foothold will welcome a dip to $5 before LINK discovers a bottom at $4.50.

LINK/USD sees high volatility as the price moves towards the Volatility indicator’s center, currently near $11.01. You can expect the market to stay somewhat active in the short term as BBs widen.

Final Thought

Chainlink exhibits a positive outlook today and seems prepared to stretch high. For now, the token trades at $7.30, climbing from the day’s open at $6.85. Bulls dominate as LINK/USD trades beyond the 20- and 50-day Moving Averages. Analysts see the token hitting higher levels at $8 in the short term.

Editorial credit: sdx15 /