Chainlink price analysis: LINK bulls dominate market as price hovers around $7.90 resistance

Chainlink price analysis is bullish today, as price continued along an extended uptrend to reach as high as $8.20 over the past 24 hours. LINK price has been trending bullishly since July 27, 2022 ascending from a low point of $6.20 and has since then risen more than 32 percent. Before the current rise, Chainlink had been consolidating in a horizontal range on the daily chart. The token finally gained bullish momentum on July 27, 2022 to breakout of consolidation. LINK price is currently at $7.92 with the token gaining 3 percent in market cap over the past 24 hours. Trading volume has decreased slightly today, while the volume to market cap ratio is 0.2314.

The larger cryptocurrency market showed bullish signs over the past 24 hours, as Bitcoin gained 3 percent to move up to $24,500. Ethereum also pushed up to $1,700 with a 3 percent uptrend. Cardano rose 6 percent to rise up to $0.55, while Ripple soared up to $0.40 with an 11 percent ascent. Meanwhile, Dogecoin jumped 7 percent up to $0.07, whereas Solana and Polkadot rose 10 and 8 percent, respectively.

Chainlink price analysis: Cryptocurrency heat map. Source: Coin360

Chainlink price analysis: Bullish divergence appears on 24-hour chart

On the 24-hour candlestick chart for Chainlink price analysis, price can be seen continuing along a significant uptrend over the past 4 days that has enabled LINK to test resistance at $7.90. Price could even break the next resistance point at $9 if buyer momentum consolidates over the current trend. Price remains above the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $7.34.

The 24-hour relative strength index (RSI) also shows bullish momentum at 65.63, which could also push market valuation for LINK into an overbought zone. Trading volume faced a slight decline over the past 24 hours, but remains crucial for Chainlink price. Meanwhile, the moving average convergence divergence (MACD) curve can be seen attempting a bullish divergence to move above the neutral zone and forming higher highs. On the downside, if support at $7.3 is breached, sell offs could see LINK drop to as low as $6.5 over the next 24 hours.

Chainlink price analysis: 24-hour chart. Source: Trading View

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