- Chainlink price analysis is bullish today.
- LINK/USD retraced overnight.
- LINK looks to set higher low.
Chainlink price analysis is bullish today as a new higher low currently gets formed around $23 after a retracement from the $25.5 resistance over the last 24 hours. Therefore, we expect LINK/USD to reverse back to the upside and look to finally break higher high.
The overall market traded in the red over the last 24 hours. The market leader, Bitcoin, saw a decline of 3.96 percent, while Ethereum has declined by 5.48 percent. Meanwhile, Solana (SOL) is among the worst performers, with a loss of 8.35 percent.
LINK/USD traded in a range of $22.73 – $24.48, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 20.88 percent and totals $1.04 billion, while the total market cap trades around $10.75 billion, ranking the coin in 15th place overall.
LINK/USD 4-hour chart: LINK prepares to rally?
On the 4-hour chart, we can see the Chainlink price starting to reverse, indicating that a higher low at $23 has been set.
Chainlink price action has seen a strong bearish momentum return over the second half of September. After several days of consolidation was followed by a slight upsurge to $32, another substantial decline followed.
This time, LINK/USD dropped more than 30 percent in a couple of days until support was found at $21. What followed was a reaction higher to the previous significant support of $25.5, which now acts as a resistance.
The Chainlink price action reversed again from the resistance, setting a slightly higher low at $22. A second retest of the $25.5 resistance followed this price action development, leading to the current higher local low at $23.
Chainlink price analysis is bullish today as another higher low currently gets established around $23. If reversal follows, we can expect LINK/USD to rally higher over the next 24 hours and potentially break above the $25.5 current swing high.
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