Chainlink Price Analysis: We expect the bearish trend to reverse in the next 24 hours

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • LINK/USD saw strong buying yesterday.
  • Chainlink is currently trading at $34.

Chainlink‘s price is bearish today, as bulls are expected to be weary after a strong rally that pushed the stock toward a new high of $35.6 over the last 24 hours. As a result, we anticipate LINK/USD to retreat some of its gains next, aiming to establish another higher low to advance later this week.

While yesterday’s candles were bullish, today’s candles are likely to be bearish. We anticipate another lower low before bulls attempt higher lows later this week.

The daily chart is bearish. While it is certainly possible for LINK/USD to form a higher low, we expect another lower low to establish before bulls resume an uptrend. We retain our bullish recommendation if LINK/USD forms a new high above $35 again.

Chainlink price movement in the last 24 hours: Technicals shows bullish signals

The MACD indicator is slightly bearish. The market forms a Doji candle, indicating indecision in the market. If the bull momentum continues, expect today’s candlestick to be long vertically. Longer candles are stronger indicators of an uptrend.

The RSI indicator is bullish. After the recent bull rally that pushed LINK/USD to a new all-time high of $35.6 yesterday, the market continues to consolidate. A higher low is about to be formed, while bulls are expected to stay in control throughout today’s trading sessions.

Bulls are expected to stay in control for the next 24 hours but are weary of forming a lower low. We retain our bullish recommendation, provided that LINK/USD forms another higher high above $35 again.

The market is consolidating at the moment, after yesterday’s strong rally that pushed LINK/USD toward a new all-time high of $35.6. The consolidation is not only present in the 1-day chart but also on the 4-hour chart.

While LINK/USD can stay above $32 today, we anticipate a new lower low being formed. If bulls cannot hold their current gains above $32, an uptrend will be difficult to establish. LINK/USD is bearish below $32.

LINK/USD 4-hour chart: LINK set to reverse

On the four-hour chart, we may observe that the advance has slowed down after forming a strong higher high this morning, suggesting a retracement over the next days.

Chainlink Price Analysis: We expect the bearish trend to reverse in the next 24 hours 1
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has seen a strong bullish momentum return in November. After setting a strong higher high on the 26th of October, a sharp drop lower followed at the end of October.

On the 4-hour chart, LINK/USD is bearish. The price action has broken below two trendlines on high volume, signaling more selling to come. The nearest support is at $32, and it can be found on the 200 SMA (hourly chart) as well. If that gives way, the next target for bears will be at $25.09.

On the other hand, if LINK/USD manages to climb back above $35, we expect bulls to try and establish a new higher low. This will be at the next support area, which is not far from our first target. That one can be found just below $33, and it coincides with trend line resistance on the 4-hour chart.

The previous swing high at $34 was breached rapidly, with some selling pressure returning at $35. However, after a consolidation overnight, the Chainlink price action spiked higher again this morning, leading to the $35.6 mark set as the current monthly high.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today as a strong higher high was set at $35.5 after a spike higher this morning. However, selling pressure did return overnight, indicating we could see a reversal later today as bulls are exhausted.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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