ChainLink Technical Analysis: Gains Significant Momentum at $6.38

Chainlink price analysis has seen the bulls return above the $6.00 mark. The resistance level for the currency is at $6.41, but a break above this point is expected to lead to movement towards the $6.60 and $6.80 levels in the near term. On the other hand, support is established at $6.22, and a break below this point might lead to a sell-off toward the $5.94 and $5.80 levels. At press time, Chainlink’s price was $6.58, up by around 3% in the previous 24 hours as the digital asset has a market capitalization of over $2 billion and just under $288 million in trading volume. Link has been making progress in its price recovery, even though the bulls have yet to regain the $6.00 level and are now targeting a move toward the $7.00 level in the near term. Before it can reach its goal, Link is expected to go through some consolidation at these levels ChainLink 1-Day Price Chart: Bulls Recover Price up to $6.38 The market’s volatility is apparent in the 1-day Chainlink technical analysis, which ranges between $6.22 and $6.41 over a trading range of roughly 24 hours. The price was pushed down by an earlier downward wave, but the bulls were able to propel it up when it found support at $6.22 later on. Source: TradingView The MACD indicates increasing bullish momentum as the signal line surpasses the MACD line. The upper Bollinger Band limit on the said time frame has expanded, implying that the market will soon enter a consolidation phas...