Chainlink price analysis is slightly bullish as the LINK/USD pair is trading close to the intraday highs of $9. The bulls will push the price above this level before the day ends. The next resistance is at $9.5. This is followed by $10 and $10.5.
The bears will be targeting a move below this level, seeing the price head towards $6.8 and $6.5 in the short term.
Looking at the daily chart, we see that the LINK/USD pair has been trading in a range for the past few days. The bulls have been struggling to push the price above $9, and the bears have been failing to push it below $7.2. The current price action is bullish as the price is trading close to the upper end of the range. If the bulls can push the price above $9, we could see a move towards $10, likely to be followed by a retest of the all-time highs at $12.
The closest resistance level is $9.5, while support is $7.6. The MACD shows decreasing bullish momentum. The RSI is in overbought territory. Overall, the technical picture is mixed.
The nearest resistance is found at $9.5, and a break above this level could take the price to $10. On the downside, support is at $7.6, and a break below this level could see the price retest at the $7.2 level.
Chainlink (LINK) is currently trading at $8.4 after a slight rally from the daily low of $8.2. The market has been consolidating for the past few days as it formed higher lows and lower highs.
XRP/USD 4-hour chart: Recent price developments
On the 4-hour Chainlink price analysis chart, the LINK/USD pair is trading above the 50-period simple moving average (SMA) and the 200-period SMA, which is a sign of strength in the market.
The chart above shows the market is in a clear uptrend and is likely to continue higher in the near term. The Relative Strength Index (RSI) on the 4-hour chart is currently at 58.3, which indicates that the market is neither overbought nor oversold.
The MACD on the same chart shows that the cryptocurrency is slightly bullish momentum as the signal line crossover takes place above the zero line.
In conclusion, the technical picture is mixed, but the market conditions are not conducive to a breakout. We recommend waiting for a better opportunity to enter a position.
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