Chainlink price analysis: Bulls dominate as price recovers to $24.00

Chainlink’s price analysis shows that the bulls have freely bucked the downside and are now dominating the short-term chart as LINK returns to $24.

The broader cryptocurrency market has seen bullish market sentiment over the past 24 hours as most major cryptocurrencies have seen positive price movements. The main players include SOL and AVAX with gradients of 18.81 and 18.78 percent, respectively.

As for the technical indicators, the MACD is currently bullish expressed by the green histogram. The indicator has just seen a bullish crossover in the last 12 hours and has shown increasing bullish momentum since then as price action targeted $30, however price action met resistance at $24.50 preventing further momentum.

The EMA is currently moving upwards with the recovery of the Chainlink market. The 12-EMA is trading steeper, indicating increasing bullish momentum as buying activity in the market continues.

The RSI fell in the resale area yesterday but is now showing a sharp decline to the 50.00 index level. The indicator gave a buy signal yesterday but is now trading in neutral territory, indicating a place for a two-way move. While indicators traded higher during the press, their neutral position leaves room for high volatility in the LINK market.

At the moment, the Bollinger Bands are wide, but show a slight convergence when the LINK returns to the middle line of the indicator. As the bulls try to rebound to USD 26, the average level of the indicator is the resistance that must be overcome before LINK can move higher. In general, indicators show that LINK price volatility may decrease in the short term.

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Overall, Chainlink’s 4-hour price analysis signals a sell-off as 11 of the 26 most important technical indicators held the previous declines. On the other hand, only six indicators are in favor of gains, indicating little buying activity in the market. The other ten indicators are temporarily on the fence and did not give any signal during the press.

Chainlink’s 24/7 price analysis shares this sentiment and also signals a sell-off with 13 indicators offering downward price movement versus only five indicators supporting gains over the timeframe. At the same time, the eight indicators remain neutral and do not favor either side of the market.

Chainlink price analysis shows that LINK is currently reversing the trend as the bulls control the market against the bears. The split between the bullish short term technical analysis and the bearish medium term analysis also indicates a trend reversal. Therefore, traders should expect LINK to continue its upward movement as the price returns to $26.00. Conversely, rejection will cause the price to fall to the support level of $22.50.

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