- Chainlink price analysis is bullish today.
- LINK/USD saw a strong decline yesterday.
- Support was found at $25.5.
Chainlink price analysis is bullish today as we expect a retracement after a strong decline yesterday. Therefore, LINK/USD is likely headed towards the $26.5 mark after crossing the previous support at $25.5.
Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 3.45 percent, while Ethereum gained 3.78 percent. Meanwhile, Binance Coin (BNB) was the top performer, with a gain of more than 15 percent.
The LINK/USD pair was in a tight range of $25.37 – $26.12 throughout the day, emphasizing significant price fluctuation over the previous 24 hours. Trading volume has grown by 1.83 percent, with $978 million exchanged, placing the coin in 17th position overall by market capitalization ($11.4 billion).
LINK/USD 4-hour chart: LINK to retest $26.5 as resistance?
On the 4-hour chart, we may see the Chainlink price rise as the former support level of $25.5 will be challenged as resistance.
Chainlink’s price is climbing strongly at the start of October. After a seven-day climb from $22 to $28, a new significant swing high was established.
Over the following week, the LINK/USD pair remained sideways near the $28 resistance level, with support provided at $25.5. On the 10th of October, a decline was triggered after a final test of the support.
The price of Chainlink dropped to $23.5 over the weekend, setting a new all-time low after several months in a row of modest losses. The price rebounded yesterday, and the Chainlink market is now attempting to recover lost ground. Next, the $25.5 prior support will be challenged as a barrier, with traders seeking cancellation of this scenario may lead to the continuation of the downtrend with a target at $15.5.
Today’s Chainlink price analysis is bullish, as we anticipate a resurgence to $25.5 previous supports turned resistances later today. Later this week, if the resistance is revisited, LINK/USD is expected to fall again.