- LINK/USD pair price has been trending upwards
- Overnight, LINK/USD retraced and tested the previous $25
- As of this writing, Chainlink is trading at $26.76 against the US dollar.
In our Chainlink price analysis, LINK/USD pair price has been trending upwards since breaking of resistance near $25. The coin’s price action retraced a descending triangle at the close of yesterday’s session to a higher low of $23.9. However, an early morning uptrend saw the bulls break above $25 and we anticipate that trend to continue and set the next major support level at $30.
Generally, the Cryptocurrency market has been trending downwards in the last 24 hours, with bears leading the market. Bitcoin decreasing by 2%. Ethereum dropped by 2.3% and Binance Coin cut down 4 percent.
The LINK/USD price has fluctuated between $24.60 and $26.56 over the last 24 hours. The change is pretty little, and an indication of low volatility in the market. This change was accompanied by a drop in trading volume by 24 percent, to an estimated $1.07 billion. The total market capitalization equals approximately $11.8 billion as of this writing after rising by 5.5 percent in the last 24 hours. Thereby, bringing the coin into rank 14th on CoinMarketCap’s top 20 altcoins.
The four-hour price chart shows Chainlink testing the resistance it previously failed to break as support, suggesting preparation for an upcoming rally.
Chainlink’s price has rallied more than 100% in the past week after setting a new lowest point at $13.4 USD. Yesterday, LINK/USD reached its highest point of 27 at the $27 mark after an earlier rally from support at $22.
This price action development in LINK means that the bulls are still in control. There will be more upside later this month. Overnight, LINK/USD retraced and tested the previous $25 resistance as support again.
Since the price rallied to a new high and then rejected lower prices, we may see a rally over the next 24 hours and it might attempt another significant resistance around $32 in the following weeks. As of this writing, Chainlink is trading at $26.76 against the US dollar.
The price of LINK on our Chainlink price analysis is bullish today as the retracement to $25 previous resistance was seen overnight, and the downside was rejected earlier today. Therefore, we expect LINK/USD to continue moving higher later today and set further weekly highs.