ChainLink price analysis: LINK suffers from short-term inflation at $7.4

Time Stamp: May 31, 2022 8:42 AM
Source Node: 1333696

Chainlink price analysis for 31 May 2022 implies the market is following a solid bullish movement. The price of Chainlink has remained stable over the past few hours; however, the trend has shown inflation dynamics now. On 30 May 2022, the price spiked and went from $6.69 to $7.4 and gained positive momentum soon after, staying under the $7.6 mark, signifying a powerful bullish momentum. Chainlink maintains a positive movement.

The current price of Chainlink is $7.4, with a trading volume of $406,984,119. Chainlink has been up 3.34% in the last 24 hours. Chainlink currently ranks at #27 with a live market cap of $3,485,860,545.

LINK/USD 4-hour price analysis: Latest developments

Chainlink price analysis reveals the market’s volatility following a massive increasing movement. This means that the price of Chainlink is becoming significantly more prone to undergo variable changes on either extreme. The upper limit of the Bollinger’s band is present at $7.74, which serves as the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is present at $6.1, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls. However, the LINK/USD price appears to be moving downward after breaking the resistance in the last few hours. With the resistance retracing itself for the second time in the last 48-hours, the market seems to be in a rut, uncertain of which way to shift.

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LINK/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 68, showing a stable cryptocurrency stock. This means that Chainlink is entering the overvalued region. Furthermore, the RSI appears to move slightly upwards, indicating an increasing market. The increasing RSI represents dominant buying activities and possible reversal tendencies.

Chainlink Price Analysis for 1-day: LINK attempts to break

Chainlink price analysis reveals the market’s volatility following a declining movement, which means that the price of Chainlink is becoming less prone to experience variable change on either extreme. The upper limit of the Bollinger’s band is present at $7.9, which serves as the strongest resistance for LINK. Conversely, the lower limit of Bollinger’s band is present at $6.2, which serves as the most substantial support for LINK.

The LINK/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. However, the less volatile market may prove favorable for the bulls as they have good chances of conserving their trend.

However, the price of LINK seems to follow an upward path towards the resistance, which could potentially shift the trend if it breaks; the fluctuation of the cost in either direction will decide the movement depending on the instability of the price in either direction. However, in the most likely series of events, the price will possibly break the resistance, and a possible reverse trend might be initiated.

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LINK/USD 1-day price chart source: TradingView

The Chainlink price analysis shows the Relative Strength Index (RSI) to be 44, signifying a stable score for the cryptocurrency. This means that the cryptocurrency falls in the neutral region. Furthermore, the RSI path seems to follow a linear movement, indicating an increasing market. The constant RSI score also means the equivalence of buying and selling activity.

Chainlink Price Analysis Conclusion

The Chainlink price analysis reveals the cryptocurrency to follow a strong upwards trend with much more room for bullish activity. The bulls have currently taken over the market, and the declining volatility favors the bulls, and they might be able to raise the price of LINK significantly and give the bears a run for their money.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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