Chainlink has been moving in a sideways channel between the price range of $7.50 and $5.40 with the current market price of $6.83. The crypto market has collapsed in the past few weeks. Thus, the token reached the support zone; however, the forming candle has pushed the price up. If the bulls continue to lift the price, it may reach a near resistance of $7.5.
LINK token price had decreased over the few weeks as there was immense selling pressure. However, if the price of LINK continues to ascend like yesterday, it may reach its higher highs. On July 18, the price marginally ascended as it closed above the previous day’s high. The token needs additional buyers for an uptrend breakout. Check out our Chainlink price prediction to know if the token will be able to attract more buyers or not.
The volume bar is below average for the price to attract more buyers. However, the candles showing rejection at the support line may uplift the price. RSI is at 55, and the curve line moving towards the upper zone may take the token towards the overbought region.
Once the price breaks the resistance of $7.5, it may continue to rise, forming higher highs. The MACD line and the Signal Line had been overlapping for the past few days; however, recently, the MACD line moved ahead of the Signal Line, indicating a bullish opportunity. There has been a formation of a bullish engulfing pattern on the daily chart, and it may be an opportunity for the bulls.
On the weekly chart, the LINK price shows a consolidated trend in the support area, and the volume bar is yet to show support from buyers. The technical indicator in the longer time frame chart shows a neutral price indication. Once the price reaches the resistance of $7.5 on the daily chart, the bulls can expect a further hike in the near future.
The previous week’s candle shows a significant move, and the forming candle closing above the previous week’s candle can be an indication for the bulls. Once the indicators give a bullish signal in the weekly chart, the bulls can expect a long-term profit in the future.
