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Chainlink Price Analysis: LINK tests $31.5 previous high, ready for a breakout?

Chainlink Price analysis

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD continued to rally overnight.
  • Higher low set at $29 yesterday.

Chainlink price analysis is bullish today as a new higher high was set at $29 yesterday, leading to a sharp increase back to the previous high overnight. Therefore, we expect LINK/USD to break higher and test the $32 mark next.

Chainlink Price Analysis: LINK tests $31.5 previous high, ready for a breakout? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with bullish momentum over the last 24 hours. Bitcoin gained 3.33 percent, while Ethereum is up by 1.22 percent. Meanwhile, Solana (SOL) dominates the market with over 8 percent gain.

Chainlink price movement in the last 24 hours: Chainlink sets higher low at $29, moves back to previous high

LINK/USD traded in a range of $28.76 – $31.54, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 10.56 percent and totals $1.126 billion, while the total market cap trades around $14.42 billion, ranking the coin in 15th place overall.

LINK/USD 4-hour chart: LINK looks to break $32 next?

On the 4-hour chart, we can see Chainlink pushing higher today as bulls target to break the $32 next major resistance.

Chainlink Price Analysis: LINK tests $31.5 previous high, ready for a breakout?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has regained its bullish momentum after a struggle to move higher during the middle of October. After a strong first week of the month, LINK/ŪSD found resistance at $28.

A several-week consolidation followed below the resistance until both a high and low was set on the 16th and 18th of October, respectively. From there, LINK started to rapidly advance last week, with the $30 mark reached on Friday.

Further upside to $31.5 followed over the weekend, with a retracement to $29 retesting previous highs yesterday. Since then, the Chainlink price action has moved higher, approaching the previous high and the $32 next major resistance.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today as a higher low was set yesterday, leading to a sharp advance today. Therefore, we expect LINK/USD to break above $32 and look to set further highs from there.

While waiting for Chainlink to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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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