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ChainLink Price Analysis: ChainLink back to $26, preparing to retest $30

Chainlink price analysis

TL;DR Breakdown

  •  ChainLink price analysis is bullish on the 24-hour chart
  •  LINK/USD has been trading within a tight daily range of $26.654 – $27.505

ChainLink Price Analysis: General price overview

The ChainLink price analysis is bullish on the 24-hour chart after the market broke out of the August 17 – August 19 descending channel that saw a bottom correction from $30 to $24. The coin has activated green candles on the daily chart and has already broken above the $25.50 resistance. Hence, we expect LINK/USD to retrace slightly lower, build momentum near the primary support at $26.00 and then swing back to its former weekly high at $30. 

The digital currencies market is trading bullishly in the last 24 hours. Bitcoin has already gained 6.52 percent, Ethereum has increased by 8.04, while BNB and ADA gained 9.11 percent and 13.44 percent respectively. 

ChainLink price movement in the last 24 hours: LINK/USD consolidating above $26 support

LINK/USD has been trading within a tight daily range of $26.654 – $27.505 over the last 24 hours. Trading volume increased by 8.09 percent and sums to approximately $1.6 billion. Meanwhile, the total market capitalization for LINK went up by 6.88 percent and totaled $11.9 billion. 

LINK/USD 4-hour chart: Is LINK set for a rally?

On the 4-hour chart, we can see the ChainLink price analysis still holding the $26 support intact, a price action that will lead to a corrective retracement ahead of a gradual rally. 

ChainLink has had a strong bullish period from late June into early August. The coin began rapidly approaching the $30 high following a 130 percent rally. Since it’s been an upward path of breaking one price hurdle to another. 

Nonetheless, the bulls might have met their exhaustion in the past 2-days after the price development came to a halt and LINK got rejected at $30. Which therefore explains the August 17 retracement to $23.50. As of the writing of this Chainlink price analysis, LINK/USD is trading at $26.8545.

ChainLink Price Analysis: ChainLink back to $26, preparing to retest $30 1

Source: TradingView

ChainLink Price Analysis: Conclusion 

The chainlink price analysis will be bullish in the next 24 hours as the cryptocurrency market continues to set new highs. The coin must trace a continuation back to $30 and rally to higher targets later in the week. 

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Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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