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Chainlink Price Analysis: LINK swiftly retraces after a spike to $24.5, prepares for another rally?

Chainlink Price analysis

TL;DR Breakdown

  • LINK spiked to $24.5 overnight.
  • Retracement with higher low currently set.
  • Chainlink to target the $26 mark next.

Chainlink price analysis is bullish for the next 24 hours as the market has retraced after another spike higher overnight. Therefore, bulls are likely to take over the market momentum again and try to breach the $24.5 mark, with the next resistance target at $26.

Chainlink Price Analysis: LINK swiftly retraces after a spike to $24.5, prepares for another rally? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. Market leaders, Bitcoin and Ethereum have lost 2.75 and 3.4 percent, respectively, with the top altcoins setting similar results.

Chainlink price movement in the last 24 hours: Chainlink sets another higher high at $24.5

LINK/USD traded in a range of $22.23 – $24.36, indicating mild volatility over the last 24 hours. Trading volume has increased by 8.78 percent and totals $1.32 billion. Meanwhile, the total market capitalization trades around $20.15 billion, ranking the cryptocurrency in 12th place overall.

LINK/USD 4-hour chart: LINK prepares for another rally?

On the 4-hour chart, we can see the CHainlink price retracing to the $22 support in preparation for another rally later today.

Chainlink Price Analysis: LINK retraces after a spike to $24.5, prepares for another rally?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has become increasingly bullish over the last weeks. After LINK/USD found support around the $13.5 mark, the market started to rally higher, with the previous swing high around $21 broken. 

What followed was further upside momentum over the last days, with the $24.5 mark reached overnight. This price action development has resulted in a gain of over 80 percent, meaning that bulls could be exhausted as of now.

However, since another local higher high and low was set, we can expect LINK/USD to make another attempt to push higher later today. The next resistance target is located around $26, and, once reached, would further strengthen the several-month price action structure.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish for the next 24 hours as another higher high and low was set over the last 24 hours. Therefore, once LINK/USD completes retracement, we can expect another rally higher, this time to the $26 resistance.

While waiting for Chainlink to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as Bitcoin fees.

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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