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Chainlink price analysis: LINK tests $17.5 support, prepares for another rally?

Chainlink Price analysis

TL;DR Breakdown

  • LINK moved sideways yesterday.
  • Support around $17.5 retested again.
  • LINK/USD likely to move higher later today.

Chainlink price analysis is bullish for today as the previous major support around $17.5 was tested yesterday after a strong retracement from the $21 swing high. Therefore, we can expect LINK/USD to push higher over the next 24 hours and attempt to set another swing high.

Chainlink price analysis: LINK tests $17.5 support, prepares for another rally? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with slightly bearish results over the last 24 hours. Bitcoin has increased by 0.8 percent while Ethereum -2.3 percent. The rest of the market follows a slightly bearish price action development.

Chainlink price movement in the last 24 hours

LINK/USD traded in a range of $17.91 – $18.96, indicating a moderate amount of volatility. Trading volume has decreased by 29.72 percent and totals $614.9 billion. Meanwhile, the total market capitalization trades around 8 billion, ranking the cryptocurrency in 15th place overall.

LINK/USD 4-hour chart – LINK set to move higher again?

On the 4-hour chart, we can see the Chainlink price retesting the $17.5 support and preparing for another push higher later today.

Chainlink price analysis: LINK tests $17.5 support, prepares for another rally?
LINK/USD 4-hour chart. Source: TradingView

The overall Chainlink price action momentum is still bearish over the past months. After retracing from the previous major swing high around $35, LINK/USD eventually found support around the $15 mark and started to slowly trend higher from there.

Over the past weeks, a clear higher high and low was set, indicating that bulls are regaining control. However, after another push higher to the $21 mark, LINK/USD failed to set a substantial higher low and broke past the several-week ascending support trendline.

This Chainlink price action development indicates that bears have lost momentum and we could see the market set a lower high early next week. From there, LINK/USD could push lower again and look to test the $15 mark.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish as the market has retested the $17.5 support area once again after a sharp decline earlier this week. Therefore, we expect LINK/USD to move to the $20 mark next week to potentially establish a lower high.

While waiting for Chainlink price to move higher, read our guide on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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