ChainLink News

Chainlink price analysis: LINK/USD is bullish for the next 24 hours

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • Technical indicators are moving up.
  • LINK is trading at $26.5.

Link price analysis is bullish today, as a solid foundation has been built up over the previous days. We anticipate LINK/USD to rise above the previous day’s high over the next 24 hours as the trading range narrows even more. Technical indicators are moving up but are still in bearish territory.

The trading range has been narrowing over the past day or so. This is very bullish as it means strong support is building up, which gives LINK/USD a solid foundation. Note that this would also mean that LINK price analysis will likely reverse soon and become bearish. We don’t anticipate LINK/USD to fall much further before it starts its next climb higher.

If you’re interested in buying Link, then it’s best if you wait for LINK price analysis to turn bullish or use limit orders just above $25 or just below $28 resistance. It shouldn’t take long before the market reverses again and becomes bullish. The same applies if you’re looking to buy Link on a breakout. Make sure to use limit orders and consider buying LINK when LINK price analysis turns bullish.

The price of Link/USD is expected to reach $26 in the next few days. Therefore we favor limit orders. That said, we don’t suggest timing your purchase too precisely because there’s a good chance $28 resistance will be broken sooner rather than later. If this happens, then it’s likely that $30 will be reached swiftly afterward. The trading volume has increased over the past 5 days, which is also very bullish.

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 higher spike was seen on the 1st.

Technical indicators on the 4H chart are bearish and turning bullish. This suggests that both momentum and trend will turn soon and start to favor buyers, which means we can expect a push higher after yesterday’s high is tested again. We don’t believe that Link price analysis will drop much further below $24 before it starts to make its way back up. If you want to buy Link, then it’s best if you wait for LINK/USD to approach $26, where you should place your entry limit orders. Just make sure not to rush anything as cryptocurrencies tend to be very volatile, resulting in sizable losses even if you take a very cautious approach.

On the 4H chart, LINK/USD is starting to display bullish signals. A bearish crossover between 50 and 200 EMAs has formed with 50 EMA above 200 EMA with a candle closing below the EMA. This crossover is usually followed by an upward or downward move, respectively, making it very easy to spot in hindsight. We’re not 100% sure that the bullish trend will continue, but our analysis points us in this direction; hence we’re using it as an element of confirmation when trading or buying coins based on previous price action.

We don’t expect LINK/USD to drop much further before it starts its next climb higher, so there’s no point in buying coins at this stage. If you have coins already then, it might be wise to use some of your profits and add more Link to your portfolio before the next leg higher begins. You can also try buying on a breakout if that seems like a good idea but make sure not to rush anything as cryptocurrencies tend to be very volatile, resulting in significant losses even when using careful strategies such as the one we described above.

Chainlink Price Analysis: Conclusion

The price of Chainlink is up today as a significant consolidation in an increasingly tighter range was triggered following a substantial advance last week. As a result, we anticipate that LINK/USD will continue to rise through the weekend.

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 9, 2021 5:29 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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