Chainlink (LINK) Price Analysis: The Bulls Are Still Dominating

Chainlink price analysis indicates that the coin has been on a bullish trend over the last 24 hours hitting a price of $5.98. Chainlink is seen to be in an upswing with the price rising by 0.58% as the bulls have remained strong. A further upward trend for the LINK/USD pair is expected in the upcoming hours. Resistance for LINK is at $5.98; if this level is broken, the coin may move toward $6.00 and possibly higher.

Chainlink has a 24-hour trading volume of $145,594,252. We update our LINK USD price in real-time. Chainlink is up 0.66% in the last 24 hours at the time of writing. The current CoinMarketCap ranking is #21, with a live market cap of $3,037,510,422.

Chainlink has traded as low as $5.91 and as high:$6.02. It has a circulating supply of 507,999,970 LINK coins and a max. supply of 1,000,000,000 LINK coins.

Chainlink Technical Analysis: 24 Hour Chart

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On the daily chart, the Chainlink coin is showing a bullish spike formation due to strong buying pressure. Price swings in an upward-trending channel, generating a bullish spike pattern, before bursting through a barrier level. The exchange rate is $5.668 at the time of writing, but there is a chance that it will rise much further.

The market is growing more volatile, as shown by the price analysis of LINK, which indicates that the price of LINK is more likely to fluctuate between two extremes. The strongest resistance level for LINK is $7.192, the upper limit of the Bollinger’s band. The greatest point of support for LINK, on the other hand, is $5.468, which is the bottom limit of Bollinger’s band.

The Relative Strength Index (RSI) for LINK is 39.35, according to price analysis, indicating that the cryptocurrency is overbought. As a result, the LINK cryptocurrency is classified as higher-neutral. The RSI path also appears to have changed to an upward movement.

LINK/USD 4-Hour Price Analysis

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Bullish momentum can also be seen in the 4-hour price report for Chainlink price analysis because the bulls are effectively defending their lead. Over the past few hours, the LINK value has risen a little; at the time of writing, it is $5.98 and appears to be on the rise. Since the beginning of the current session, the LINK/USD pair has risen by almost 0.58%.

The Relative Strength Index (RSI) on the 4-hour chart is currently at a value of 51.42, showing increase in prices. The Moving Average Convergence Divergence (MACD) indicator is also moving upward, indicating that a further rise in price will occur during the next few days.

What is the LINK Token?

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Chainlink, a decentralized oracle network, enables blockchains to interact securely with external data feeds, events, and payment methods while providing the crucial off-chain information required by sophisticated smart contracts, which are quickly taking over as the primary type of digital contract.

A sizable open-source community of data producers, node operators, smart contract developers, researchers, security auditors, and others powers the Chainlink Network. The firm is committed to ensuring that all node operators and users who want to contribute to the network are assured decentralized involvement.

What Makes Chainlink Unique?

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Chainlink is one of the first networks to support the inclusion of off-chain data in smart contracts. It is one of the top companies in the data processing industry and has a large network of reliable partners. LINK has garnered interest from many reputable data sources since it incorporates off-chain data, including Brave New Coin, Alpha Vantage, and Huobi. Data providers can make money off their information by selling Chainlink access to the data they have.

Chainlink, a decentralized network enables users to operate nodes and generate income from the vital data infrastructure. Chainlink powers a sizable number of decentralized Price Feed oracle networks. The oracle networks are already in operation and safeguard billions of dollars in value for top DeFi applications like Synthetix, Aave, Compound, and others.

Conclusion

The 24 hour and four-hour Chainlink price analyses show a significant price increase, which indicates that the bullish momentum is gradually stabilizing. Currently, the price is $5.98, and further price rises are anticipated. A big price gain for Chainlink is indicated by the hourly chart, which is excellent news for buyers as it is anticipated that the price will increase during the ensuing 24 hours. A breakout upward from the present consolidation phase is anticipated for Chainlink.