- Chainlink price analysis indicates a bullish market.
- LINK/USD rallied today.
- LINK is aiming to breach the $30 resistance
LINK/USD is trading bullishly as indicated on today’s Chainlink price analysis after the coin was rejected to decline below $26 and respect the support. We are therefore anticipating a hot gain in the next 24-hours as LINK attempts to retest the $30 mark.
The overall cryptocurrency market is trading in the green zone with the majority of the coins recording gains. Bitcoin went up by 0.16 percent, Ethereum increased by 0.8 percent while Binance Coin increased by 1.20 percent. Cardano emerged as the best performing altcoin of the day with a 6 percent improvement while Solana is the worst performing altcoin of the day.
According to our daily Chainlink price analysis, LINK/USD is trading within a tight daily range between $26.25 – $27.71. The total trading volume went down by 39.18 percent and sum up to $1.1 billion. Meanwhile, the total market capitalization for the coin trades around $12.21 billion, ranking the coin at position 15 overall.
LINK/USD 4-hour chart: targets the $30 resistance next?
On the 4-hour chart, the Chainlink price action is attempting to break above the $28 region and build support at that level. The $30 mark is a point of high resistance and is a major price barrier that’s been preventing LINK/USD from retesting its previous swing high.
LINK/USD 4-hour chart. Source: TradingView
Chainlink price development has undergone massive volatility in the last few weeks. After a rally from the $25 support to the $36 swing high on the initials days of September, LINK/USD recorded 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.
Today’s Chainlink price analysis is bullish as the market attempts to consolidate and recover losses incurred on the Friday bloodbath. We are expecting LINK/USD to break past the $30 resistance over the next 24 hours.
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