- LINK moved higher overnight.
- Higher low set around $18.
- Next target at $22.
Chainlink price analysis is bullish for today as the market established a higher low yesterday, and bulls currently start pushing the market higher. Therefore, LINK/USD should move towards the next resistance at $22 over the next few days.
The overall market trades in the green over the last 24 hours. Bitcoin has increased by 3.6 percent, while Ethereum almost 8 percent. Meanwhile, the rest of the crypto market trades with similar gains.
LINK/USD traded in a range of $17.55 – $18.79, indicating a moderate amount of volatility. Trading volume has decreased by 26 percent and totals $537.8 billion. The total market capitalization stands around $8.1 billion, resulting in a market rank of 15th place.
LINK/USD 4-hour chart – LINK prepares to move higher again?
On the 4-hour chart, we can see the Chainlink price establishing a higher low and starting to edge higher again.
The overall market trades in a bearish momentum over the past weeks. After a higher high was set around $35, LINK/USD retraced by more than 55 percent until the $15 significant support.
This means that LINK/USD is currently in a decision area. If we see further upside above the $26 mark, the overall market structure will start to turn bullish again. Alternatively, we expect LINK to move lower and break below the $15 mark next.
Over the past week, bulls pushed the Chainlink price higher, and a local high thigh and low was set, indicating momentum forming. Yesterday, LINK retraced and set a higher low around the $17 mark. From there, a base was formed overnight from which to push higher over the following days. This price action development should lead LINK/USD to the $22 mark next, however, it still does not mean that the overall price action momentum has shifted.
Chainlink price analysis is bullish for today as a lower high has been established overnight, and the market prepares for another push higher. Therefore, we expect LINK/USD to breach the $20.5 previous high next and test the next resistance at $22.
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