ChainLink price analysis: Are the bulls dominating the LINK’s price

  • The bulls are reviving from the bear’s defeat. The coin is heading toward an upward trend. 
  • The current price of the coin is around  $7.49 and it has increased approx 2.58% in the last 24 hours. 
  • The pair of LINK/BTC is around 0.0003208 BTC

The Bulls are breaking the bearish trend the price of ChainLink is appearing to follow the upward curve with a steady upward momentum. The bulls have exerted more efforts to break the bearish trend as the downward trend was crushing the investor’s hope. The bulls have brought new hope to the investors. The coin may regain its potential if the coin continues to follow the upward trend. The price of the coin started hitting a downward curve on the 30th of July and now the bulls have broken the bearish trend after a long period of time.

The current price of ChainLink is $7.52 and it has an incline of  3.66% during the intraday trading session. The LINK/BTC pair has increased by approx1.71%, trading at about 0.0003208 BTC. If the bulls are able to make the price follow the upward curve, the price may boost up to the primary resistance of $8.0537. If the bullish trend continues, the price may reach the secondary resistance of $9.5129 over the daily price chart. If the bears put some extra effort to counter the bullish trend, the price may approach the primary support level of about $7.0991. If the bulls do not respond, the bears will be able to easily drag down the LINK price to its secondary support of $6.2757.  

The volume of the coin has dropped by around 7.61% during the intraday trading session the continuous drop in the volume indicates that the selling pressure has increased. The volume to market cap ratio is around 0.3159

The decreasing selling pressure may lead to a bullish trend the buyers must show some movement. The bulls are entering the trade we may expect an increase in the volume of the coin and the coin may revive to its real value.

The technical indicator shows the following: The relative strength index is in the overbought zone and RSI is still heading towards the over brought zone The current RSI is 56.99 which is above the average RSI. the average RSI is 55.40. The price is moving ahead of the 20,50 estimated moving average and is still lagging behind the 100,200 daily moving average.

Technical Levels

Support Levels:  $7.0991 and $6.2757

Resistance Levels: $8.0537 and $9.5121

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.