Chainlink Price Analysis: LINK corrects below $32 resistance, reversal to follow?

Solana price analysis

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • LINK/USD set a higher low yesterday.
  • Bullish momentum is exhausted.

The current Chainlink price analysis is bearish, as the market slowed down after overcoming the $32 resistance. As a result, we anticipate LINK/USD to reverse and establish another higher low.

Chainlink price analysis
Source: Coin360

Meanwhile, the overall cryptocurrency market is trading bearishly with most coins recording losses of up to 5%. Binance Coin, Solana, and Vechain are among the only few gainers on the one-day chart. Market leaders Bitcoin and Ethereum lost 0.72 and 0.34 percent respectively.

Chainlink price movement in the last 24 hours: Chainlink rallies back to the $32 resistance

The price of LINK/USD fluctuated within a $30.66 – $31.53 range over the last 24 hours, indicating low volatility. Volume has increased by 24.44 percent and stands at $1 billion, while the market capitalization is around 14.4 billion, putting the currency in 14th place among all cryptocurrencies.

LINK/USD 4-hour chart: LINK to reverse from $32?

The 4-hour chart shows that the Chainlink price is approaching exhaustion below the resistance, suggesting another retracement will occur.

Chainlink Price Analysis: LINK corrects below $32 resistance, reversal to follow? 1

LINK/USD 4-hour chart. Source: TradingView

The price of Chainlink rose dramatically in October, despite the fact that there were no changes made to its code. The previous major swing low occurred on October 26, when LINK/USD hit $34.

However, after that, a significant retracement followed, pushing LINK to $28 previous resistance before turning support. At the end of last week, LINK/USD attempted to recover, reaching a high of $32.

Following the massive gains, a retest of the $29 level sparked a retracement in which LINK traded as low as $26.9 before rebounding. Another drop followed, setting a new high at $29. Yesterday’s rise brought the cryptocurrency rate to its highest level yet, surpassing $32 and signaling another possible decline today. For

Chainlink Price Analysis: Conclusion 

Today’s Chainlink price analysis is bearish, as bulls were unable to break the $32 mark after a strong rally yesterday. As a result, we believe that LINK/USD will retrace in an attempt to establish another high low.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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