Chainlink (LINK) Retests $20 amid 6.3% Overnight Gain – Price Analysis

  • Chainlink retains bullishness today.
  • The altcoin had its price rising towards $20.
  • Chainlink’s support stands at $19.6.

Chainlink (LINK) presents a bullish outlook today following a 12-hour continuous surge. Bulls lead today’s price function, backing Saturday’s positive narrative. For now, the altcoin tests the resistance at $20.3 after many rejections beneath this mark. Meanwhile, bulls have pushed Chainlink above this level.

With that, the digital coin recovered its weekly losses. Buyers show increased interest as the Relative Strength Index scores surged. Also, prices showed stability as LINK has not endured a steep fall after the considerable drop on December 13.

LINK/USD Daily Price Chart Bulls – Face $20.3 Resistance

Chainlink’s one-day price chart indicates bulls recovered from the latest plummets, overcoming the $20 critical level. While writing this article, LINK trades around $20.1. LINK/USD had its price increasing by 6.3% within the past 24 hours. Moreover, the alt gained 2.5% within the last seven days. The market capitalization and trading volume increased by 8% and 4.31%, respectively.

The Bollinger Bands expanded, confirming high volatility. However, the bottom band started flashing convergence signs. The indicator’s average line forms at 420.7, representing LINK/USD’s resistance.

The upper band stands at $25, while the lower one sits at $16, representing the coin’s support. Also, the Relative Strength Index displayed an improved score as Chainlink secured support near $17.7. The RSI indicates buying level after a climb to index 43.

Technical Indications and Latest Developments

Chainlink’s 4hr price chart analysis indicates upward price function over the past 12 hours after retracing for eight hours. The token rose quickly during today’s early session. However, it slowed as the price neared the resistance area at $20.3. Analysts expect pressure at this mark as it represents a critical resistance level.

The volatility increases on the four-hour chart as Bollinger Bands show expansion signs, while the top band represents the asset’s resistance at $20.5. The lower band sits at $18 as the mean average near $19.4 shows support. The Relative Strength Index on the 4hr chart flattens out, indicating upcoming bearish pressure. The RSI maintained in the neutral territory’s upper half, standing at index 60.