Chainlink price analysis: LINK price to retest $28 mark as bullls dominate the market

TL;DR Breakdown

• Chainlink price is expected to rise to $28
• The closest support level lies at $26.6
• Chainlink price is facing resistance at the $28

Chainlink price has broken above the $25 mark and strong bullish momentum has carried the price to challenge the $28 mark. LINK records an over 11 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the time frame. Major Players include Ripple‘s XRP, and BNB that record a 12.17 and a 6.17 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 6.26 and a 7.57 percent hike

Technical indicators for LINK/USDT

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator saw a bullish reversal at 8 PM yesterday, since then bullish pressure is increasing steadily and the indicator is currently just below the -0.063 mark. Across the EMAs, the 12-EMAis trading above the 26-EMA and continues diverging while both EMAs rise.

The RSI is currently trading in the neutral zone a little below the 56.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 4 days. At press time the RSI has again had a small spike towards the overbought region suggesting an increasing bullish presence at the current price level.

The Bollinger bands at press time are wide and as the last few candlesticks are green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Chainlink price to increase in the short term. Moreover, as the price is consolidating closer to the band mean line rather than the upper limit; the bands will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator’s issue sell signals suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 13 of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Chainlink price?

Chainlink price is currently facing resistance at $28 mark but the market shows strong bullish sentiment .The short term technical indicators support the bulls while the midterm technical shows potential for sharp upward movement.As such traders should expect the price to break above$28.00 mark soon. Traders can expect an upward breakthrough above the $30.00 mark if the current momentum continues.

Source: https://api.follow.it/track-rss-story-click/v3/tHfgumto13Dd4AqDNjJQgTRQaTQYXBS9