Chainlink Price Analysis
In a market that is currently riddled with volatility, Chainlink is striving to make a bullish run. The digital asset has been encouraging in the last few days as it has posted profits across every trading day, creating a daily all time high of $24.49. The digital asset is confidently seeing investor and trading activities back up its price move as it is moving well above the 9 day moving average.
The digital asset also saw a move above its 21 day moving average, which led to the asset touching a price mark of around $24.49 in the early hours of today. Since its existence, the digital asset has been doing well as investors continue to flood into the market.
Chainlink records massive success the since beginning of the year
Since the year started, Chainlink has recorded massive profits considering the bull runs that it has undergone to move from its previous price of $11 to a new all-time high of $25. A technical look into its on-chain analysis shows that the digital asset is presently moving well above the 60 level of its Relative Strength Index.
Another thing that has been noticeable in the past few days is that the sessions are unpredictable. Even though both bearish and bullish sessions have dominated the market, no one has predicted the actual time that the bullish session expires to allow the bears and vice versa. But if one can watch all the on chain factors that determine price movements, such as the RSI, the moving averages, and others, one would be able to take his profits when he needs to.
Meanwhile, if the bears take over the Chainlink market and lead it down below both the 9 day and 21-day moving averages, it would have the bulls ready to support it around the $18 price mark. If the selling pressure increases, the digital asset could go way under and touch the $17 and the $16 price mark.
Traders could trigger a bullish momentum against Bitcoin
If the bulls overtake the market and push it high, the first resistance would be ready to counter the bullish run at $27. If market factors favor the bull run, it could push the digital asset price as high as $28 and $29. When it comes to trades against the leading digital asset, Bitcoin, the market is still way up above the 9-day average and the 21-day average as it currently sits around 7000 Satoshi.
If buying pressure persists, the digital asset could trigger a bull run that would break above the channel. If the coin goes below the moving averages, it would be the bears for the taking as they would be hoping to move it way down below the 5500 Satoshi level.
If the bulls take up the market, it will go as high as 9000 Satoshi. Analysis has shown that the bullish trade against Bitcoin is not going anywhere soon as the market hopes to move above the 70 level of the Relative Strength Index. This one move would see the market take on more bullish momentum, which would trigger another round of profits for investors.