ChainLink News

Chainlink Price Analysis: LINK returns to $28, swift breakout to follow next?

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD retraced to $26 yesterday and set a higher low.
  • LINK currently tests $28 resistance.

Chainlink price analysis is bullish today as a new higher low was set yesterday after a retracement from the $28 mark. Therefore, we expect that LINK/USD is finally ready to break above the several-week resistance of $28.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin gained 3.78 percent, while Ethereum was up by 4.64 percent. Meanwhile, Polkadot (DOT) leads the way from the major altcoins, with a gain of over 9 percent.

Chainlink price movement in the last 24 hours: Chainlink moves back to $28 after setting a higher low yesterday

LINK/USD traded in a range of $26.26 – $28.12, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 12 percent and totals $1.11 billion, while the total market cap trades around $12.87 billion, ranking the coin in 17th place overall.

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

On the 4-hour chart, we can see bullish momentum strong at the $28 resistance, likely leading to a higher high above the $28 finally set.

LINK/USD 4-hour chart. Source: TradingView

The overall market has seen a slowdown over the past weeks. After a very bullish start of the month, LINK/USD found resistance at $28. 

Since then, the $28 mark has been retested several times. On the 11th of October, LINK broke below the consolidation area support of $25.5, inviting strong selling pressure. However, once a higher swing low was set at $23.5, a sharp reversal followed.

After some consolidation, a strong rally back to the $28 mark was seen on the 14th of October. From there Chainlink price retraced to $26 yesterday and established a higher local low. Since then LINK/USD has returned back to the $28 resistance, with strong bullish momentum indicating breakout will follow.

Chainlink Price Analysis: Conclusion

Chainlink price analysis is bullish as a higher low was set yesterday and LINK has moved back to the $28 resistance since. Therefore, we expect that bulls are ready to finally move LINK/USD past the $28 several-week resistance.

While waiting for Chainlink to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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 16, 2021 1:09 pm

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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