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Chainlink Price Analysis: LINK/USD rallies to $35 as bulls target new high

Avalanche price analysis

TL;DR Breakdown

  • 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. 
Chainlink Price Analysis: LINK/USD rallies to $35 as bulls target new high 1Cryptocurrency 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. 

Chainlink price movement in the last 24 hours: Chainlink retraces to the $26 mark.

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. 

Chainlink Price Analysis: LINK/USD rallies to $35 as bulls target new high 2LINK/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.

Chainlink Price Analysis: Conclusion 

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.,

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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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