Chainlink price analysis: LINK bulls dominate market as price hovers around $7.90 resistance

Chainlink’s price analysis today is bullish as the price continued an extended uptrend and hit $8.20 in the last 24 hours. LINK prices have been up since July 27, 2022 from a low of $6.20 and have risen more than 32 percent since then. Ahead of the current rally, Chainlink is consolidating in a horizontal range on the daily chart.

The token finally gained bullish momentum on 27 July 2022 until a consolidation breakout. LINK is currently priced at $7.92, with the token gaining 3 percent market cap over the past 24 hours. Trading volume is slightly down today while the ratio of volume to market cap is 0.2314.

The larger cryptocurrency market has shown bullish signs over the past 24 hours as Bitcoin jumped 3 percent to $24,500. Ethereum also jumped to $1,700 with an uptrend of 3%. Cardano jumped 6 percent to $0.55, while Ripple jumped 11 percent to $0.40. Meanwhile, Dogecoin was up 7 percent to $0.07, while Solana and Polkadot were up 10 percent and 8 percent, respectively.

Chain Link Price Analysis: A bullish divergence appears on the 24-hour chart

Looking at the candlestick chart of Chainlink’s 24-hour price analysis, the price continued a significant uptrend for the past 4 days, which allowed LINK to test the resistance at $7.90. The price could even break the next resistance point at $9 if the buying momentum consolidates above the current trend. Price remains above the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $7.34.

The 24-hour Relative Strength Index (RSI) also shows bullish momentum at 65.63, which could also push the LINK market assessment into overbought territory. Trading volume has decreased slightly over the last 24 hours, but remains important for Chainlink prices.

Meanwhile, the moving average convergence-divergence (MACD) curve looks trying to form an upward divergence to move above the neutral zone and form higher highs. On the other hand, if the $7.3 support breaks, a sell-off could bring LINK down to $6.5 in the next 24 hours.