- LINK retraced to $24 support overnight.
- LINK/USD prepares to move higher.
- Resistance at $35.
Today’s Chainlink price prediction is bullish as the market retested support $24 and currently prepares to move higher. Therefore, we expect LINK/USD to move higher over the next 24 hours to reach the previous high around the $35 mark.
LINK/USD opened at $25.38 after a bearish close yesterday. From there a slight upside was seen overnight with the market peaking at around $29. Therefore, we might see another slight move lower before the market price reverses in a much more serious way.
The LINK/USD price moved in a range of $23.84 – $29.06, indicating huge volatility. The trading volume has increased by 11 percent and totals $2.5 billion. Meanwhile, the total market cap trades around $11.64 billion, ranking the cryptocurrency in 13th place overall.
LINK/USD 4-hour chart – LINK bounces from $24 support.
On the 4-hour chart, we can see LINK/USD moving higher to set another higher high above the $35 mark. From there, the bullish momentum will likely increase even more over the next weeks.
The overall market still trades with a bearish momentum as the market retraced from the $53 mark over the past weeks and found support at the $15 mark. From there a strong rally was seen earlier today, indicating that bulls are looking to regain control.
Currently, we see the first attempts to move away from the $24 support as the LINK/USD rallied earlier today. If LINK/USD fails to move higher and breaks below the $24 support, we might see further retracement over the next week.
Therefore, further price action development is required right now. Once LINK/USD price action confirms further market structure to the upside, we can start to look for a long position entry opportunity next week.
Chainlink price prediction is bullish as the market established support at the $24 mark overnight and currently prepares to move higher to breach the $35 mark. From there, we expect LINK/USD to move higher to the $41 resistance and continue higher over the next month.
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