- LINK price analysis shows a bullish outlook.
- Chainlink has its resistance at $13.9.
- The altcoin’s support floor sits at $12.5.
The latest Chainlink (LINK) outlook reveals a bullish bias for the day amid gradual buying momentum surge. The previous week reflected sellers’ influence as LINK recorded downward price actions. However, the trend switched today as the token climbed towards the $13.5 high. That meant relief for buyers as bears remained in control of the marketplace.
Chainlink 1-day Timeframe: Bulls Turn Interrupts Bearish Wave
Chainlink’s daily price analysis reveals a bullish bias for the alt as LINK covered an upside action within the previous 24 hours. Sellers dominated the marketplace over the last week as the crypto saw an expanding bearish wave.
However, LINK saw an unexpected surge today, moving towards the lower high of $13.5. The alt remains lower than the MA at $13.8. Moreover, the latest increase was minimal as LINK gained 0.31% over the past day, whereas trading volume plummeted by over 35% today.
With the territory between Bollinger bands decreasing, LINK will likely experience bearish reactions in the coming price events, discouraging updates amid lower price oscillations. The topside limit represents resistance at $16.1, while the lower band at $12.5 shows Chainlink’s massive support.
The 20SMA trades under the 50 Simple Moving Average, showing the dominant bearishness. The Relative Strength Index maintains an upside slope at 39-index, reflecting buying activity within the LINK market.
More Technical Indications and Latest Developments
The 4hr chart backs buyers as LINK saw an impressive price uptick during today’s initial four hours of the trading session. That came amid a bullish comeback as bulls strive to regain their lead. Selling momentum emerged again as buying pressure gained momentum, leading to the drop towards $13.5 within the past four hours. However, upsides appear to control this correction.
The retracement could end soon, extending the upside trend in the coming few hours. Meanwhile, Bollinger bands reflect volatility, making the $13.7 average.
The upper band stood at $14.2, while the lower band hovered at $13.1, providing a one-dollar margin for LINK’s price movements. The RSI graph displays a bearish curve, with the score dropping to 45. However, the indicator shows a substantial improvement earlier on the day.
The 4hr and 1day LINK char analysis displays bulls’ favoritism today. The altcoin saw significant losses over the past couple of days amid constant downtrends. However, the past few hours reveal a different bias as bulls displayed strength, a lucrative development as far as intraday trading is concerned.