Chainlink price analysis: LINK price recovers as bulls approach $6.71

Chainlink price analysis shows a bullish daily trend. The bulls have successfully maintained their stronghold and made sufficient gains during the past weeks. The price has also increased considerably during the last twenty-four hours and is now at the $6.71 mark. The past few hours have been highly encouraging for buyers as the price glided past the $7.09 threshold. The trend has been continuous for today as well, as the bulls extend their influence.

LINK/USD 1-day price chart: Price moving unboundedly towards its target of $7.09

The 24-hour Chainlink price chart shows encouraging signs for the cryptocurrency as the price follows a bullish trend. The price enjoyed sufficient momentum during the day, propelling it to the $7.09 level. The coin has gained 6.97% in the past 24 hours, and 17.30% in the last seven days. The market capitalization stands at $3.43, and the 24-hour volume is at $568.87 million.

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LINK/USD 1-day price chart. Source: TradingView

The price has continuously traded above the moving average (MA) value, i.e., $6.19, which is due to the great bullish momentum. In comparison, the Bollinger bands average is still at a lower height as it holds up at $5.92. As the volatility in the price chart swings in the bullish direction, the Bollinger bands have also changed their values. Now, the upper band stands at the $6.62 mark, while the lower band is at the $5.22 mark. The Relative Strength Index (RSI) score is at 49.48 and is expected to go higher than these levels as well.

Chainlink price analysis 4-hour chart: support for LINK is seen at $6.28

The 4-hour Chainlink price analysis is moving in a bullish direction and is properly represented by the price, which continues to increase. The only significant resistance was at the $7.09 resistance level, which the bulls smashed through during the last 24 hours. The price has increased to $6.71, which is even above the upper limit of the Bollinger bands, i.e., $6.89. As the volatility increases, it may provide more opportunities to the bulls.

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LINK/USD 4-hour price chart. Source: TradingView

The Bollinger bands are supported at the $6.40 average, while the lower value is present at $5.92. The RSI score is going on 70 for the 4-hour price chart, which is right at the border of the overbought zone. The 50-day and 200-day MA values are at $6.59 and $6.77, respectively, and the price is currently trading above them, with the MA just above the price.

Chainlink price analysis conclusion

The price is going up once again, according to the latest Chainlink price analysis. The LINK/USD value is $6.71 at the time of writing and is expected to increase further in value in the short term as well, as the bulls have successfully turned the price trend line upwards in the past 24 hours.

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