- LINK trades near previous swing high.
- Resistance at $32 still holds.
- Closest support at $29.
Today’s Chainlink price prediction is bullish as the market has set a new higher low around $29 yesterday and looks to break out of resistance at $32.
Cryptocurrency heat map. Source: Coin360
Overall cryptocurrency market sends mixed signals for the past 24 hours. Bitcoin has remained flat with) 0.5 percent gain. From the top altcoins, the best performance is seen for Polkadot (DOT) and Ripple (XRP) with both trading just over 5 percent gain. Cardano (ADA) currently has the worst performance as it has lost 2.25 percent.
Chainlink price prediction: Chainlink close to $32, breakout today?
LINK/USD opened at 29,79$ today after relatively calm trading yesterday, during which the price structure of Chainlink established a higher low around the $29 mark. Currently, LINK is set to retest the $32 mark, which served as a strong resistance earlier this week. If the resistance is broken, we should see the Chainlink price move much higher in the following days as there is no strong resistance until the $36 mark, which is where the current all-time-high is located.
Chainlink price movement in the last 24 hours
The LINK/USD price moved in a range of $29.77 – $31.48, indicating mild volatility over the last 24 hours. Trading volume has dropped by almost 8 percent and totals $1.17 billion. Meanwhile, the total market cap stands just under $13 billion, ranking the cryptocurrency in 10th place overall.
LINK/USD 4-hour chart – Will LINK break resistance at $32?
On the 4-hour chart, we can see Chainlink rejecting further downside yesterday around the $29 mark. Additional support was provided by both 50 and 100 period moving averages, which were located in the same area at the time. From there on, the Chainlink price has pushed higher and tests previous local high around $31.2.
LINK/USD 4-hour chart. Source: TradingView
Overall, Chainlink is ready to move higher as indicated by very bullish price action over the past days. As mentioned in our previous Chainlink price prediction, the next rally for LINK could see as much as a 40 percent upside.
This Chainlink price prediction is very bullish. However, when considering that there is only one resistance ahead for the market around the previous all-time high of $36, we could see Chainlink easily explode higher over the remainder of March in a similar way as during the beginning of February.
As seen on the chart, LINK has spent the last week consolidating around a range of approximately $27-$31. Both higher local swing highs and lower lows have been set, indicating a lack of clear direction. However, Chainlink price did set a clear signal yesterday as it rapidly moved towards the $31 mark after retesting support around the previously retested $26-$27 area of support.
What followed was a small retracement yesterday, during which further downside was rejected around the $29 mark. Today, we have seen the Chainlink price push higher again. The previous swing high at $31 has already been reached. If this high is broken, we LINK has another strong resistance at the $32 mark. If this resistance can be broken, we should see Chainlink move much higher over the following days.
Therefore, the expectation for Chainlink is that it should reach the previous all-time-high next week. From there on, Chainlink has no further resistances ahead and we could see Chainlink trade much higher over the remainder of March in an exponential move as we already saw during the beginning of February.
Alternatively, If Chainlink gets resisted by the current resistance at $32, we could see Chainlink continue the several-day consolidation next week. This could lead towards a very bearish scenario in which LINK retests the previous major support area around $26-$27. If this area breaks, Chainlink`s price structure would start to look very bearish once again.
Chainlink Price Prediction: Conclusion
Chainlink price prediction is bullish as the market has set a new local higher low and tests previous local swing high with good momentum. Therefore, if both the local high and resistance at $32 are broken later today, we should see Chainlink push higher towards the all-time high around $36 next week.
While waiting for Chainlink to break higher, check our long-term price prediction on Bitcoin and comparison article on Bitcoin vs Ethereum.
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 Show Signs Of Massive Rally! LINK Price Eyeing ATH?
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.
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.
Chainlink Price analysis: Is bullish for the next 24 hours
- 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.
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.
LINK/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.
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.
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)
Chainlink Price Analysis: Hidden Bullish Divergence Patterns Suggest Continuation of Move Upwards
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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.
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.
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
- Spot rate: 26.42
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $23.53 and $24.71
- Resistance: $27.89 and $36.33