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Chainlink Price Analysis: LINK starts to rally again, slowly targets $30 next?

Chainlink Price Analysis

TL;DR Breakdown

  • Chainlink price analysis is bullish for today.
  • LINK/USD rallied today.
  • LINK targets the $30 resistance next.

Chainlink price analysis is bullish today as the market gained bullish momentum over the last 24 hours after a strong decline earlier this week. Therefore, we expect LINK/USD to move higher later today and look to return above the $30 mark.

Chainlink Price Analysis: LINK starts to rally again, slowly targets $30 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 1.07 percent, while Ethereum has gained 0.77 percent. Solana (SOL) continues to be among the best performers, with a gain of almost 16 percent.

Chainlink price movement in the last 24 hours: Chainlink rallies higher after some consolidation around $27

LINK/USD traded in a range of $26.53 – $29.17, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 35.18 percent and totals $2.1 billion. Meanwhile, the total market cap trades around $13.1 billion, ranking the coin in 12th place overall.

LINK/USD 4-hour chart: targets the $30 resistance next?

On the 4-hour chart, Chainlink price action continues to approach the $30 resistance after some consolidation overnight.

Chainlink Price Analysis: LINK starts to rally again, targets $30 next?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has seen massive volatility over the past week. After a rally from the $25 support to the $36 swing high during the first days of September, LINK/USD saw a strong reversal on Monday.

Over the following 24 hours, LINK dropped back to the $25 major support while setting a slightly higher low. From there, a rejection for further downside was seen after a brief retest of the $25 support.

Overnight, the Chainlink price rallied higher again and has since approached the $30 resistance. Considering this price action development, we assume LINK/USD will continue higher over the next 24 hours and break back above the $30 resistance. 

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish as the market continues to recover after dropping back to the $25 major support earlier this week. Considering the price action over the past hours, we expect LINK/USD to break past the $30 resistance over the next 24 hours.

While waiting for Chainlink to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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