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Today, the Chainlink still seems to maintain its uptrend. It is moving in a range between the resistance at $8.4 and the support at $5.9.
Towards a new bullish rally for Chainlink?
Chainlink technical analysis shows that the asset is still following a small uptrend. Yesterday, the LINK experienced a +10% pump seeing its price drop from $7.1 to $7.9 in the space of a day. Since then, the movement has slowed and the LINK has stabilized around the $7.7 area.
The market capitalization of Chain link hovers around $3.9 billion with a 24-hour trading volume of $400 million. The asset is up +4% in the last 24 hours.
The Chainlink has seen substantial fluctuations in its price during the last bullrun of 2021. It reached its all-time high at $52.89 on May 10, 2021 and its local low at $5.2 on June 13, 2022. Since the end of the bullrun, its highest price was $9.45. Currently, the sentiment on Chainlink is quite bullish, with a Fear & Greed Index sur les 68 (in the Greed).
LINK/USD: daily price analysis
The daily analysis reveals a return of volatility on the ChainLink. Prices are more likely to fluctuate up and down during these times. LINK is trading around the $7.7 area, and the highest price recorded in the day yesterday was $7.90. The cryptocurrency continues its rise with a +5% over the last 24 hours and a local bottom at $7.55.
Sentiment remains bullish on the LINK, with the price moving above the moving average (EMA 9). Moreover, the price shows good positive momentum and the price trajectory is upward.
The relative strength index (RSI) is currently at 60, indicating that the market is stable for LINK. The cryptocurrency is currently in a neutral/bullish phase. Nonetheless, the RSI is showing a bullish direction, hinting at a rising future for the Chainlink price.
ChainLink: weekly price analysis
The weekly analysis also reveals that the price is rising and volatility is returning to the market. The price of the asset therefore becomes more susceptible to fluctuations in one direction or the other. The candle of the week opened at $7.60, and could close below $8.30. The LINK is up +7% over the last 7 days.
Chainlink continues its medium-term uptrend. The price recently experienced a small correction, more than beneficial for the continuity of the upward movement (red candle on the chart). Over the past few hours, the bulls have reignited the rally, pushing the price up to $7.80. With this in mind, LINK could switch back into a long-term uptrend and perform beyond its ATH for the next bullrun of 2024-2025.
On a weekly timescale, the RSI is currently at 53, which testifies to the stability of the market. LINK is neither overbought nor oversold, but rather located in the neutral zone. The RSI is also showing a bullish direction, potentially indicating future overbought activity in the price.
To conclude, Chainlink does indeed seem to be evolving in a medium-term uptrend. The momentum of the price and the RSI are in good shape and suggest a continuation of the current trend. In the long term, LINK could regain color and break the old resistances created during the previous bullrun and bearmarket. Current market conditions suggest that the rally continues northward, particularly due to increased buying pressure, positive market sentiment and a dearth of bearish catalysts.
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This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.
Source : TradingView, CoinCodex
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