As LINK approaches $28, the upward trend continues

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LINK/USD is in positive momentum, according to the Chainlink price analysis. For the sixth day in a row, the price has been steadily climbing. The cryptocurrency has gained substantial value due to the positive trend, as the price has hit the previous week’s high point. The barrier level for LINK/USD is $28.3, with another resistance level of $29.8; nevertheless, support is firm at $25.7.

LINK/USD 1-day price chart: LINK gains substantial value thanks to a bullish flight.

The Chainlink price analysis 1-day price chart indicates a price increase. At the time of writing, the LINK/USD was trading at $27.4. Over the previous 24 hours, the cryptocurrency pair has gained $1.47, and over the last seven days, it has gained 1.3 percent. The amount of trade has decreased by 22.3 percent. The market capitalization, on the other hand, has grown by 2.27 percent.

The volatility of the LINK/USD currency pair is reducing as the Bollinger bands are slowly convergent, suggesting that price swings are being limited. The price increase is visible on the 1-day chart, although it is minor compared to the previous two days. However, the upper Bollinger band is present at $29, indicating a resistance level for LINK/USD, while the lower Bollinger band is present at $22.9, indicating the lowest level of support for LINK/USD.

Chainlink price analysis: Bullish flight continues as LINK nears $28 1
LINK/USD 1-day price chart. Source: TradingView

At index 54, the relative strength index (RSI) is in the top part of the neutral zone, although with a small rising slope. From the 14th of October onwards, the indicator shows a very modest increase in buying activity.

Price of Chainlink: Recent Developments and More Technical Indications

The 4-hour Chainlink price analysis reveals bulls have effectively repelled the bearish onslaught of the late hours of yesterday’s session and have successfully regained their momentum, as the price function is now on an uprise following a sharp fall for eight hours.

On the 4-hour chart, volatility is also decreasing as the Bollinger bands are steeply converging, indicating that price movement will be limited in the next hours. The top band is at $28, while the lower band is at $26, resulting in a $27 average. The Bollinger bands’ average is below the price level, indicating that the LINK/USD pair is supported. The RSI is at index 56.9 in the neutral zone, with no up-down movement, suggesting that the market is balanced in buying and selling, with a slight tilt toward the purchasing side.

Chainlink price analysis: Bullish flight continues as LINK nears $28 2
LINK/USD 4-hours price chart. Source: TradingView

Most technical indicators support the bullish side, totaling 14, with the short-term moving averages being the most crucial since the price is about to rise above the moving average on the 4-hour chart, suggesting a bullish crossing. In addition, the MACD and Momentum oscillators are also positive.

Conclusion

As volatility in the LINK/USD price function reduces, the Chainlink price research predicts that price movement will be substantially less in the next hours/days. However, as the technical indicators indicate, the price of LINK/USD will continue to rise in the next hours, as market sentiment for LINK/USD is favorable.

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