ChainLink News

Chainlink Price Analysis: LINK still slowly consolidates below $28, will another move higher follow?

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD continued to consolidate below $28 resistance.
  • LINK is building up momentum for another push higher.

Chainlink price analysis is bullish today as a strong base from which to move higher has been established over the past days. As the trading range becomes increasingly narrow, we expect LINK/USD to break higher over the next 24 hours.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours, with the market leader, Bitcoin, up by 2.18 percent. Ethereum followed, with a gain of 2.16 percent, while the rest of the top altcoin saw mixed results.

Chainlink price movement in the last 24 hours: Chainlink continued to consolidate

LINK/USD traded in a range of $26.35 – $27.65, indicating low volatility price action over the last 24 hours. Trading volume has declined by 23.55 percent and totals $1.04 billion, while the total market cap trades around $12.43 billion, ranking the coin in 16th place overall.

LINK/USD 4-hour chart: LINK prepares to break $28?

On the 4-hour chart, we can see increasingly higher local lows set, indicating a break higher could be seen later today.

LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has seen some bullish momentum return so far this month. After a several-day consolidation of around $22 at the end of September, a sharp spike higher was seen on the 1st of October.

LINK/USD quickly reached the $28 mark, where resistance was established. The following retracement retested the $25.5 previous major resistance, resulting in a consolidation range established.

Since then, the Chainlink price has continued to consolidate, with the $28 resistance retested several times. Additionally, slightly higher lows have been set over the last 24 hours, indicating bullish momentum is slowly building up.

Chainlink Price Analysis: Conclusion

Chainlink price analysis is bullish today as a strong consolidation in an increasingly tighter range was set after a strong rally last week. Therefore, we expect LINK/USD to continue higher over the weekend. 

While waiting for Chainlink to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

This post was last modified on October 8, 2021 11:04 am

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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