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Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse

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  • LINK trades close to support at $29.
  • Next resistance at $32.
  • Minor support for Chainlink is located around the $30 mark.

Today’s Chainlink price prediction is bullish as the market rejects further downside and has printed a 4-hour bullish pin-bar, indicating an upcoming reversal.

Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse 1
Cryptocurrency heat map. Source: Coin360

The overall market is in the red today, however, does start to slowly climb back, indicating that we might see more upside soon. Market leader trades with a small gain of 0.5 percent, while the remainder of top altcoins such as Ethereum and Cardano are in the red around 2-4 percent

Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse
LINK/USD opened at $29.89 today after a strong bearish move yesterday that retraced much of the gains seen last week when the market moved from the low of $26 to the local higher high of $32. Currently, Chainlink price rejects further downside and forms a bullish pin bar on the 4-hour chart. Therefore, we expect further upside for LINK over the next 24 hours.

Chainlink price movement in the last 24 hours
Chainlink’s price has moved in a relatively moderate range of $28.73 – $30.54. Trading volume has seen a small increase of 1.54 percent and totals $1.5 billion. Chainlink’s market cap of $12.1 billion still places it in the 10th position for total market cap out of all cryptocurrencies.

LINK/USD 4-hour chart – Chainlink ready to reverse?
On the 4-hour chart, we can see Chainlink’s price rejecting further downside and consolidating around $29 support. Therefore, we expect the market to push higher soon.

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Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse 2
LINK/USD 4-hour chart. Source: TradingView
Overall, the market has shown signals of medium-term trend reversal after LINK retraced from the all-time high of just under $37 at the end of February and lost 41 percent of the low of $21.

After a strong bounce-back towards the $29 mark, Chainlink price attempted to move lower several times, however, it was stopped by the support around $23-$24. From there on, a clear higher high was set around $32 at the beginning of March. Followed by a retracement that set a higher low, Chainlink then pushed higher once again last week and set another high at the $32 mark.

After briefly consolidating around $32, LINK did start to retrace again. Right now, the retracement has been stopped by the support around $29. Therefore, Chainlink is likely to reverse soon as a further downside is rejected. A bullish 4-hour pin bar has already been set by LINK/USD, indicating that the market is likely ready to push higher soon.

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The next target for Chainlink is located around the local high of $32. If it is broken in a clear way, we could see the market gain momentum and look to retest the $35-$36 area of major resistance next. This would mean a move of around 19-21 percent from the current price, meaning a good trade setup in terms of risk/reward.

Alternatively, if Chainlink fails to hold ground around $29, we are likely to see further downside. The next major support is located as far as the $26 previous swing low. If it is reached, the Chainlink price will turn very bearish once again, and we could see further downside over the following weeks.

Chainlink Price Prediction: Conclusion
Chainlink price prediction is bullish as a further downside is rejected as of now. A bullish 4-hour pin bar at the support indicates a clear signal that LINK/USD is ready to reverse. Therefore, we are likely to see Chainlink move towards the previous swing high of $32 over the following days. If the high is broken with strong momentum, Chainlink should push higher towards the next resistance, around $36.

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While waiting for further price action development, see our Holochain and Monero long-term price prediction for the upcoming years.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse

LINK/USD opened at $29.89 today after a strong bearish move yesterday that retraced much of the gains seen last week when the market moved from the low of $26 to the local higher high of $32. Currently, Chainlink price rejects further downside and forms a bullish pin bar on the 4-hour chart. Therefore, we expect further upside for LINK over the next 24 hours.

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Chainlink price movement in the last 24 hours

Chainlink’s price has moved in a relatively moderate range of $28.73 – $30.54. Trading volume has seen a small increase of 1.54 percent and totals $1.5 billion. Chainlink’s market cap of $12.1 billion still places it in the 10th position for total market cap out of all cryptocurrencies.

LINK/USD 4-hour chart – Chainlink ready to reverse?

On the 4-hour chart, we can see Chainlink’s price rejecting further downside and consolidating around $29 support. Therefore, we expect the market to push higher soon.

Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse 2
LINK/USD 4-hour chart. Source: TradingView

Overall, the market has shown signals of medium-term trend reversal after LINK retraced from the all-time high of just under $37 at the end of February and lost 41 percent of the low of $21.

After a strong bounce-back towards the $29 mark, Chainlink price attempted to move lower several times, however, it was stopped by the support around $23-$24. From there on, a clear higher high was set around $32 at the beginning of March. Followed by a retracement that set a higher low, Chainlink then pushed higher once again last week and set another high at the $32 mark.

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After briefly consolidating around $32, LINK did start to retrace again. Right now, the retracement has been stopped by the support around $29. Therefore, Chainlink is likely to reverse soon as a further downside is rejected. A bullish 4-hour pin bar has already been set by LINK/USD, indicating that the market is likely ready to push higher soon.

The next target for Chainlink is located around the local high of $32. If it is broken in a clear way, we could see the market gain momentum and look to retest the $35-$36 area of major resistance next. This would mean a move of around 19-21 percent from the current price, meaning a good trade setup in terms of risk/reward.

Alternatively, if Chainlink fails to hold ground around $29, we are likely to see further downside. The next major support is located as far as the $26 previous swing low. If it is reached, the Chainlink price will turn very bearish once again, and we could see further downside over the following weeks.

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Chainlink Price Prediction: Conclusion 

Chainlink price prediction is bullish as a further downside is rejected as of now. A bullish 4-hour pin bar at the support indicates a clear signal that LINK/USD is ready to reverse. Therefore, we are likely to see Chainlink move towards the previous swing high of $32 over the following days. If the high is broken with strong momentum, Chainlink should push higher towards the next resistance, around $36.

While waiting for further price action development, see our Holochain and Monero long-term price prediction for the upcoming years.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Chainlink Price Show Signs Of Massive Rally! LINK Price Eyeing ATH?

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The global crypto market capitalization is now $2.42 trillion, up 0.81 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 7.64 percent to $118.42 billion. Bitcoin is trading at $61,413.59, Ethereum at $3,771.36, and Cardano Price at $2.15.

Chainlink (LINK/USD) has staged a strong comeback over the last three days, rising from a low of 23.5 on October 12 to a high of 27.8 in just two days.

Chainlink Price rebound over the last month has been similar to that of most of its cryptocurrency rivals. When compared to its late-September lows of $20.8, the digital asset was selling at a 35 percent premium at press time. This number would arguably be increased if bulls had managed to break over the $28 resistance level. However, this has not yet been the case.

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TradingView Chart

The price of Chainlink may rise on the 4-hour chart as the prior support level of $25.5 is challenged as resistance. Given that it has been tested numerous times and has shown good rebounds, a rebound from the previous support level of around $25.5 is extremely plausible. This would be a good way to counteract the LINK/USD decrease from yesterday.

Other bullish indicators, on the other hand, corroborate the idea of recovery. The RSI indicator is currently in an uptrend with no signs of slowing down. Furthermore, when it climbs into the green zone, the MACD indicator is giving good news too. 

The coin’s trading volume has climbed 26.0 percent in the last week, while the overall circulating supply has increased 0.14 percent to over 458.01 million, accounting for 45.8% of the coin’s maximum supply of 1.00 billion. LINK is now ranked #15 in terms of market capitalization, with a value of $12.57 billion.

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Chainlink Price analysis: Is bullish for the next 24 hours

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chainlink-Community-members.
  • Chainlink price analysis is bullish today.
  • LINK/USD saw a strong decline yesterday.
  • Support was found at $25.5.

Today’s Chainlink price analysis is bullish, given that we anticipate a retracement following yesterday’s significant fall. As a result, $LINK/USD is likely to resume its ascent and reach the $26.5 mark after surpassing the previous support at $25.5.

Yesterday we saw LINK/USD start to decline significantly after failing to surpass $30. This downward movement found support at $25.5, and now we expect intense bullish activity as strong supports are often followed by rebounds, rallies, and price increases. The nearest resistance lines lie at $26.5 and $27, representing essential price levels to watch out for should LINK/USD start climbing again.

That being said, other bullish indications support our theory of a rebound. The RSI indicator, for instance, is currently showing an uptrend with no signs of slowing down. As well as this, the MACD indicator is bringing positive news as it moves into the green zone.

So far today, LINK/USD has seen a decrease in value of 0.3%. This decline has found support at the $26 level, which appears to be an important price point. However, should this not prove to be accurate and LINK/USD begins plunging again, then the next support level lies at $25.5, which is an area that we predict will strengthen significantly soon.

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In summary, our Chainlink price analysis predicts a solid bullish run as most indicators hint towards this activity. Furthermore, no indications suggest the opposite, meaning that LINK/USD should start surging after finding support at $25.5.

LINK/USD 4-hour chart: LINK to retest $26.5 as resistance?

On the 4-hour chart, we may see the Chainlink price rise as the previous support level of $25.5 is challenged as resistance.

Chainlink Price analysis: Is bullish for the next 24 hours 1LINK/USD 4-hour chart. Source: TradingView

In mid-September, Chainlink’s price began to rise rapidly. After a seven-day climb from $22 to $28, a new significant swing high was established. The price of Chainlink is continuing to rise at the start of October.

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The RSI indicator has moved into the positive region with an upward trajectory. As well as this, the MACD indicator is sending positive signals after moving into the green zone, which are both bullish indicators for LINK/USD, in our opinion.

A rebound from the previous support level at $25.5 is very likely, given that it has been tested multiple times and exhibited successful rebounds. This would be an effective strategy to counterbalance yesterday’s decline in LINK/USD

Therefore, we believe that today will bring good news for LINK/USD holders as the current price forecast predicts a continuation of bullish activity. As well as this, the bullish indicators accompanying our prediction suggest a significant increase in LINK/USD’s price with the possibility of retracing to $26.5 following a downward movement from the current level.

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Chainlink Price Analysis: Conclusion 

In sum, this would be an excellent opportunity for Link to break out of its ‘sideways channel.’  In order for that to happen, which we expect, we would need to see some solid buying pressure (ie. a push above $26)

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Chainlink Price Analysis: Hidden Bullish Divergence Patterns Suggest Continuation of Move Upwards

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The FinTech platform YouHodler integrates with Chainlink price feed to improve auditing and reliability of the data used to trigger key backend processes such as loan issuing, liquidation of under-collateralized loans in a secure way without compromising data quality.

The FinTech platform offers alternative and high-yield crypto savings accounts crypto-backed lending with fiat secured crypto to fiat, and crypto to crypto conversions, with support for most of the top 30 cryptocurrencies which include BTC, ETH, UNI, SUSHI, LTC, and XLM, etc.

Another exciting Chainlink integration is with the Crypto Volatility Index [CVI], a decentralized transaction automation service for smart contracts.

By avoiding manual input or centralized processes, Chainlink keepers will automatically trigger supply rebase of the volatility token, helping the tokens maintain their peg.

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The market fear index for the crypto market tracks the 30-day implied volatility of Bitcoin and Ethereum.

Let’s advance to the price chart for an overview of how these events impact the LINK price.

Chainlink (LINK) Weekly Chart Analysis

The LINKUSDT has been setting higher peaks and troughs and gained about 1397.33% since the price broke above bearish inside bar resistance [2.62] on 06 April ’20.

An all-around slump in crypto market cap saw the LINKUSDT enter the oversold area [level-25] and triggers a hidden bullish divergence pattern.

The recent bear trap candlestick pattern that followed an exit of an overbought area prepares the LINKUSDT for an incoming impulse wave that could see the price racing beyond the $35 mark.

Chainlink (LINK) Daily Chart Analysis

The RSI exit of the oversold area [level-25] first confirms the price bottom for the uptrend on the daily time frame and sets support at 20.82

A recent hidden bullish divergence pattern alongside a breakout of bearish inside bar resistance [25.27] on the daily time frame shows that the LINK price has a high likelihood of hitting the 36.33 resistance.

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Chainlink (LINK) 4 Hr Chart Analysis

The LINK price quickly recovers from a 13.5% price slump triggered by a series of bearish divergence signals on 03 Oct 16:00 and 09 Oct 16:00.

Buyers who entered at the bear trap signal and break out of bearish inside bar resistance on 12 Oct 04:00 and 12:00 quickly lock in their gains as the LINK price hit the 27.89 resistance of 09 Oct 16:00.

We can expect the upswing to continue if the RSI dips below and exits the level-25, followed by a breakout above the 27.89 resistance. However, a price breakdown below the 23.53 support would mean the bears have assumed control with lower price levels to come.

Chainlink (LINK) Intraday Levels

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  • Spot rate: 26.42
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $23.53 and $24.71
  • Resistance: $27.89 and $36.33

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