- Chainlink price analysis is bearish today.
- LINK/USD made another push higher yesterday.
- Chainlink bulls are likely exhausted.
Chainlink price analysis is bearish today as another slight push higher was seen yesterday and rejection for further upside was seen below $28. Therefore, LINK/USD should reverse over the next 24 hours and retrace some of the gains.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin gained 0.11 percent, while Ethereum was up by 3.17 percent. Meanwhile, Terra (LUNA) is among the best performers, with a gain of more than 16 percent.
LINK/USD traded in a range of $25.88 – $27.80, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 14.23 percent and totals $1.08 billion, while the total market cap trades around $12.32 billion, ranking the coin in 15th place overall.
LINK/USD 4-hour chart: LINK set to reverse?
On the 4-hour chart, we can see signs of exhaustion for the Chainlink price action, indicating an upcoming retracement.
Chainlink price action has seen more than week-long consolidation above $22 support. However, the overall market sentiment is still bearish as a sharp decline was seen on the 20th of September, resulting in a loss of more than 30 percent over several days.
The previous major support area of $25.5 became the upper boundary for the consolidation range, with the second retest on the 27th of September. Bulls continued to set slightly higher lows during the sideways movement, indicating an upcoming reversal.
Chainlink price did indeed break higher on Friday, with further upside seen yesterday to the $28 mark. Overall, LINK/USD has seen a strong gain over the past days, likely meaning that a retracement is due early next week.
Chainlink price analysis is bearish today as another slight push higher was met with rejection for further upside below $28. Therefore, we assume LINK/USD will look to retrace some of the gains seen earlier this week and establish a higher low next.
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.