Chainlink Price Analysis: Bulls Aims For $8.50 Inside Ascending Channel

Chainlink price analysis shows that the bulls are in charge today. The price is slowly inching toward a bullish region as the pair attempts to move above $7.90. The gains followed a period of consolidation near the support levels. Currently, the market is attempting to stabilize near the higher zone as it would be a building base for another leg-up in the token.

In the late hours, the price retraced from the session high of $7.90. The Chainlink (LINK) token sustain the overall gains as in the last-two session the bulls convincingly hold the near $7.05 mark on the daily chart.

• Chainlink’s price extends the gains for the third straight day on Friday.
• Buyers manage to sustain above the 20-day and 50-day moving averages.
• A daily close above $7.90 would bring more gains in the altcoin.

As of publication time, LINK/USD is exchanging hands at $7.75, up 5.53% for the day. According to CoinMarketCap data, the 24-hour trading volume stands at $410,356,792 with more than 15% gains.

LINK price looks for an upside extension

On the daily chart, the price is comfortably placed above the 20-day and 50-day EMA crossover, this is a bullish sign. The market is taking clues from this formation and placing fresh bids to capitalize on the gains.

The LINK/USD is slowly moving higher amid low volatility. The Chainlink price analysis is showing that the bulls are in control of the prices following the higher highs and higher lows formation since July 13.

The RSI(14) has performed well over the past few sessions, as after consolidation it breached the average line. The momentum oscillator suggests the continuation of recovery until its peak reaches the overbought zone.

On moving higher, the LINK buyers would test the upper trend line of the ascending channel of $8.50 followed by the psychological $9.0 level.

On the other hand, a shift in the bearish sentiment would bring the token lower. A fall below the session’s low could explore $7.05.