- LINK established support at $24 yesterday.
- LINK/USD gained momentum overnight.
- LINK currently trades below $33 resistance.
Today’s Chainlink price prediction is bearish as the market reached the $33 resistance over the past hours and currently starts to rejected further upside. Therefore, we should see LINK/USD move lower over the next 24 hours and establish a higher low.
The overall market trades in the green over the last 24 hours. Bitcoin trades with a small gain of almost 3 percent, while Ethereum around 4 percent. Solana (SOL) is among the best performers with a gain of over 16.64 percent.
LINK/USD opened at $27.54 after a relatively calm but bullish close yesterday. Overnight, the Chainlink price pushed higher and reached the $33 resistance over the last hours. Currently, further upside is rejected, meaning that we will see retracement over the next 24 hours.
Chainlink price movement in the last 24 hours
The LINK/USD price moved in a range of $25.08 – $33.04, indicating strong volatility over the last 24 hours. The trading volume has increased by 13.15 percent, totaling $2.9 billion. Meanwhile, the total market cap trades at $13 billion, ranking the cryptocurrency in 14th place overall.
LINK/USD 4-hour chart – LINK prepares for a retracement
On the 4-hour chart, we can see that the Chainlink price reached the next resistance at $33 over the past hours. Bears are currently attempting to move the market lower to form another retracement with a higher low.
The overall market structure is still bearish as a significantly higher high and low is yet to be set. After retracing more than 70 percent from the all-time high at $53, support was initially found at the $21 mark. However, LINK/USD made another small spike lower, to the $15 mark, indicating a final rejection to the downside.
Since then, the market has recovered substantially and reached the $33 resistance mark. Therefore, we expect the Chainlink price to retrace and establish a higher low over the next 24 hours. From there, LINK/USD should start pushing towards the previous all-time high and resume its overall several-month bullish trend.
For now, it is best to wait for further Chainlink price action development. Likely we will see an inversed head and shoulders reversal pattern forming, with the last shoulder set over the next days. Once it is done, the market will be ready to move higher.
Chainlink Price Prediction: Conclusion
Chainlink price prediction is bearish as bulls are exhausted after pushing the market to the $33 resistance. Therefore, we expect LINK/USD to retrace and form another higher low, from which to move higher over the remainder of the week.
While waiting for further Chainlink price action development, read our latest guides on other top altcoins – Cardano, Zcash, and Litecoin.
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