- Chainlink’s price outlook presents a bullish picture.
- The alt encounters resistance at $14.5.
- The support level stands around the $13.87 mark.
Chainlink’s price outlook shows optimistic sentiment following a brief correction from recent highs. While writing these lines, LINK/USD traded at $14.29, surging 2.7% over the past 24hours. The altcoin retains a bullish market structure as bulls protected the foothold at $13.8. Chainlink trades well beyond all MAs, with the 50-day Simple Moving Average offering support around the $13.87 mark.
Chainlink saw its price correcting lows after touching the $14.5 intraday high. For now, bulls defend the vital support at $13.8 as they eye the resistance of $14.5 for uptrend resumption. The alt trades within the $13.87 – 14.38 range as the token ranks 23rd. The 24hr trading volume sits at $430 million, whereas LINK’s total market cap hovers at $6.6 billion.
4hr Timeframe: What Next
The 4hr chart shows Chainlink climbed higher following week-long consolidations around the $12 level. For now, the token trades around the $14 mark as bulls’ target upside moves beyond the resistance zone at $14.5. Meanwhile, $14.5 has posed a stiff hurdle for LINK, and bears attempt to drag the token low. Meanwhile, LINK tests the support at $13.8 as bulls defend the foothold.
The Relative Strength indicator stands well beyond the 50 mark, indicating that LINK can extend upside in the short term. Nevertheless, breaching the barrier at $13.8 would mean potential drops toward $12.
Chainlink’s market sentiment remains bullish as the crypto traded beyond all the MAs, with the 50-day Simple Moving Average offering support of around $13.87. The Moving Average Convergence Divergence stayed beyond the signal line, showing LINK can stretch higher in the short term.
Chainlink’s price outlook reveals a bullish sentiment after the token saw slight retracement from the latest highs. LINK/USD targets the resistance at $14.5 as bulls attempt an uptrend resumption. However, bears remain active, trying to push the token low. Bulls defend the foothold at $13.8. The alt can surge higher in the short term as Chainlink indicators stay bullish.
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