Recent Chainlink price analysis shows LINK is in a strong upward trend. The price of LINK surged from a low of $5.93 on November 22 to today’s high of $7.48, representing a gain of 9.4%.
Chainlink has had a strong performance recently and is currently one of the most popular cryptocurrencies in the market. In fact, Chainlink has recorded a price surge of 26% over the past 7 days and has outperformed the market by a wide margin. This is likely attributed to increased optimism from investors who are betting on a bullish market.
However, LINK faces strong resistance at $7.5, which means that it will be difficult for it to break above this level. That said, we can expect further volatility in the price of LINK, and it is likely that an uptrend will only resume once a clear breakout above this level is observed.
Chainlink has experienced a strong bullish trend over the past few days, as it continues to track in lockstep with the broader crypto market sentiment. This correlation is likely due to Chainlink’s status as one of the leading decentralized oracle providers, and its ability to communicate real-world data back into the blockchain ecosystem.
Chainlink Technical Analysis
Chainlink is trading above the $7.1 level and it seems to be facing solid resistance at the $7.5 mark, with massive selling pressure present in this region. A break above this barrier could see LINK surge higher to test the $8 resistance point, which constitutes a key pivot level for the cryptocurrency’s price action.
On the downside, support is likely to be found at the $7.1 level, which is close to the current price of LINK. Furthermore, a break below this support could open up the door for a move to the $6.75 level, which represents another critical barrier for LINK’s price action in the near term.
Looking ahead, we can expect further volatility in the price of LINK as the cryptocurrency tracks market developments over the coming sessions.
The moving average convergence divergence (MACD) indicator shows that Chainlink’s price is likely to continue surging in the near term. Lastly, the relative strength index (RSI) remains level and suggests that there may be more room for a further rally toward $7.5 in the coming sessions.
Moreover, the moving average lines are currently trending higher, which points to a robust bullish trend in the near term. The 200-day moving average line is also starting to trend higher, and this could give a further boost to the cryptocurrency’s price action.
In conclusion, it seems likely that Chainlink will continue to surge higher in the coming week as investors bet on the next big bull run. However, LINK will most likely face resistance at $7.5 and we may see a pullback toward support at $7.1 before the current uptrend resumes.
