- Today’s Chainlink price analysis indicates bullish signals
- LINK/USD witnessed a quick retracement during the night.
- LINK found support around $31 today
Today’s Chainlink price analysis indicates bullish signals for the upcoming 24-hours after successfully breaking resistance at $29 and climbing to the $30 region. The 24-hour chart shows that the coin rejected further downsides at $31, where the daily low is located. Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency market is trading in the red zone after shedding value on the 24-hour chart. Bitcoin broke from the $52k mark and retraced by 0.81 percent, ETH lost 3.77 percent while ADA and XRP lost more than 2 percent. Solana emerged as the best performing coin of the day with a percentage increase of 28 and was able to break into the $180 level.
According to data from the 24-hour Chainlink price analysis, the coin traded within a daily range of $31.42 – $35.34. Quite a moderate range suggests low amount of volatility. The overall daily trading volume for the data feeds blockchain token went up by 21 percent and hit a total of $2.740 billion. Meanwhile, the total market capitalization stands at approximately $14 billion, ranking the coin at number #12 overall.
LINK/USD 4-hour chart: LINK set to rally again?
The 4-hour Chainlink price analysis chart shows that the LINK/USD price action has been moving sideways with the market choppiness index moving to high ground.
LINK/USD 4-hour chart. Source: TradingView
Since the beginning of August, chainlink has been through a bullish wave, having corrected from a July swing low of $13.40 to a swing high of $36 in September, which represents a 125 percent rally.
The present swing high as of this writing currently stands at $36.5 and was set on the initial days of September. Chainlink would, however, retrace lower to the $27 region and start another slow and gradual rally.
Therefore, we expect Chainlink to advance towards the $36 swing high and build more support above that point.
Our Chainlink price analysis indicates positive market signals as the bulls are aiming for a retracement from $32 to $36. The daily high at $36 is only a measly point below the September swing low at $36, and therefore we should expect higher chances of a breakout above this level in the course of the day. Read some of our articles on Wrapped Bitcoin, NFTs, and Decentralization.,
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