TL;DR Breakdown
Chainlink price analysis is bullish today.Technical indicators are moving up.LINK is trading at $26.5.
Chainlink is in an excellent position today, as the groundwork has been solidified in the previous days. We predict that LINK/USD will rise above the previous day’s high over the next 24 hours as the trading range narrows even more. The technical indicators are rising, but they remain in a negative trend.
The trading range has been narrowing over the past few days. This is excellent since it indicates that solid support is being built, which provides LINK/USD with a solid foundation. Note that this would imply that LINK price analysis will likely reverse soon and become bearish. We don’t think that LINK/USD will fall significantly farther before beginning its next climb up. LINK/USD is hitting a bit of a resistance point at $26.5, but we predict that it will break through soon.
The Stochastic RSI is about to move out of the oversold territory, which means that LINK/USD will likely rise soon. The most recent reading was at 28%, far below the oversold threshold of 20%.
If you’re interested in buying Link, it’s best to wait for LINK price analysis to turn bullish or use limit orders just above $25 or just below $28 resistance. It shouldn’t take long before the market reverses again and becomes bullish. The same applies if you’re looking to buy Link on a breakout. Make sure to use limit orders and consider buying LINK when LINK price analysis turns bullish.
LINK/USD 4-hour chart: LINK prepares to break $28?
LINK/USD 4-hour chart. Source: TradingView
The Oscillator has been showing a rather positive pattern over the past few hours, indicating bullish momentum will likely continue to rise. Further analysis shows that there is intense buying pressure from the small traders, but not large ones. This explains why the price has risen so quickly despite being in a hostile, descending trend. We predict that LINK/USD will rise soon and break above the previous day’s high.
The Commodity Channel Index (CCI) is after touching some lows on April 13th, meaning it is very likely that LINK price analysis is bullish. The CCI has also connected the lower bound on September 15th but bounced back up soon after, meaning that LINK/USD will continue to rise.
The Relative Strength Index (RSI) appears to have just moved into an oversold zone, which means that link price analysis will likely reverse very soon and become bearish. A move above 70 would signify that LINK price analysis is bullish, but the RSI has not reached that marker yet.
Chainlink Price Analysis: Conclusion
The trading volume is a bit low, but that doesn’t matter much at this point. LINK/USD will likely continue to rise in value with time.
LINK price analysis indicates that LINK/USD is in an excellent position for a quick climb up soon. We predict that it will cross the previous day’s high over the next 24 hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.