Chainlink price has been down by 3.10% in the last 24-hours, attaining a daily high at $31.37. After breaking the price resistance at $26.74, the LINK/USDT price has turned bearish.
According to CoinMarketCap’s data, the prices will continue to be bearish in the short term as the trading volume dropped down by 26.24%, currently at $1.13 billion.
The price movement has been bullish for the month of October, rising by more than 24.38%. The previous daily candle opened at $28.68 and closed at $31.36, attaining a high price of $31.46.
It is a general trend of the market to follow Bitcoin, the king of the cryptocurrencies. The price of Bitcoin reached an ATH at $65k and analysts are bullish BTC as well as the entire crypto market.
Chainlink price analysis on the daily chart
The daily chart shows that the price action broke out from the upper end of the Bollinger Bands, breaking the price barrier at $26.74 on the daily chart.
The price movement is above the 50-day and 100-day Moving Averages, indicating a bullish analysis on the chart. With the selling pressure increasing today, these price levels will be acting as support levels in the short term.
The RSI indicator shows that the MACD line crossed above the signal line, which is technically called a bullish divergence. This caused the price action to turn bullish with a green histogram.
The RSI indicator is progressing with a negative gradient, i.e., the selling pressure is dominating. If this scenario persists, we can expect lower prices in the short term.
Final Verdict
The final verdict for the Chainlink analysis is bearish for today, but this oracle project is definitely worth investing in in the long term. With plenty of tokens in the market, you can surely look at our market analysis.