- Chainlink price analysis is bullish for today as the $24.5 support remains strong.
- The general cryptocurrency market is also up.
- Alot of resistance lies between $25.50 – $26.50.
Chainlink price analysis is bullish for today as the $24.5 support continues to shield the coin from further downsides. Therefore, we are anticipating LINK/USD to trend upwards and retest the May 27 high at $35.
The general cryptocurrency market is up. Axis Infinity (AXS) is the best performer of those mentioned, having increased from $44 to about $74. Bitcoin has seen a 1.24 percent increase in value, while Ethereum is up 2%. Meanwhile, Cardano has surged 20% and is currently among the best performing altcoins of the week.
LINK/USD traded within the range of $24.15 – $26.19. A tight range indicating mild volatility over the last 24 hours. Furthermore, the trading volume increased by 43.13% and summed to a total of $1.41 billion. Coinmarket Cap ranks the coin at number 12th overall by market cap with a total valuation of $11.5 billion.
On the 4-hour chart, we can see the Chainlink price action attempting to test the $26.02 as it tries to overcome the immediate rejection at the $26.19 daily high, indicating high chances of a bullish continuation in the near hours.
Chainlink price analysis lies with a strong bullish consolidation and has been the case for the last few weeks. The coin established strong support near $20 at the beginning of August. Presently, the $24 price zone serves as the primary support for the gradual bullish thesis taking shape on the 4-hour chart.
Alot of resistance lies between $25.50 – $26.50. Should the bulls be able to accommodate sufficient buyers volumes, there is a high possibility of rallying above both resistance levels into the $27 region.
However, Chainlink traders must, for now, patiently wait for a resurgence of buyers and overcome the $26.50 price hurdle. Failure to consolidate above this point could validate a bearish move and pull the price towards the supply zone between $21.5 and $22.5. As of this writing, Chainlink is trading at $26.01 against the US dollar.
Chainlink price analysis suggests bullish momentum at the moment as the bulls attempt to build more support above the current $26.50 resistance. The support could fall anywhere above $27 and will help the bulls clear the way for a rapid recovery from the May crash. Meanwhile, we can anticipate Chainlink to correct with higher highs during the day and move further above $26.