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Chainlink Price Analysis: LINK breaks below $25.5, set to retest it as a resistance?

Chainlink Price analysis

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD saw a strong decline yesterday.
  • Support was found at $23.5.

Chainlink price analysis is bullish today as we expect a retracement after a strong decline yesterday. Therefore, LINK/USD is likely headed towards the $25.5 mark as it previously acted as a support.

Chainlink Price Analysis: LINK breaks below $25.5, set to retest it as a resistance? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 3.75 percent, while Ethereum gained 0.2 percent. Meanwhile, Binance Coin (BNB) was the top performer, with a gain of more than 15 percent.

Chainlink price movement in the last 24 hours: Chainlink retraces to $23.5

LINK/USD traded in a range of $23.57 – $25.12, indicating substantial volatility over the last 24 hours. Trading volume has increased by 1.83 percent and totals $978 million, while the total market cap trades around $11.4 billion, ranking the coin in 17th place overall.

LINK/USD 4-hour chart: LINK to retest $25.5 as resistance?

On the 4-hour chart, we can see the Chainlink price heading higher as the previous support at $25.5 will get retested as resistance.

Chainlink Price Analysis: LINK breaks below $25.5, set to retest as resistance?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price has seen strong bullish momentum at the beginning of October. After a rally from $22 to $28 in less than a week, a new major swing high was established.

Over the following week, LINK/USD traded sideways below the $28 resistance, with support set around $25.5. After a final test of the support on the 10th of October, a break lower was seen a day later.

Eventually, the Chainlink price action set a new low at $23.5 as bullish momentum returned yesterday. LINK/USD will likely look to regain some of the loss next, with the $25.5 previous support tested as a resistance.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today as we expect a recovery to $25.5 previous support turned resistance later today. Once the resistance is retested, LINK/USD is likely headed lower again later this week.

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.

Lapin

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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