- Chainlink price analysis is bearish today.
- LINK/USD saw strong buying yesterday.
- The market spiked above $34 after some consolidation.
Today’s Chainlink price analysis is bearish, as bulls are most likely fatigued after a strong rally that created a new high at $34.6 over the previous 24 hours. As a result, we anticipate LINK/USD to retreat some of its progress next, aiming to establish another lower low from which to rise later this week.
Cryptocurrency heat map. Source: Coin360
According to Coin 360 cryptocurrency heatmap, the overall market traded mostly with bearish momentum over the last 24 hours. Bitcoin lost 3.8 percent, while Ethereum shed 2.87 percent. Meanwhile, Ripple (XRP) is the worst performer of the day with a 24-hour negative change of 6.7 percent.
In the last 24 hours, LINK/USD has been trading in a range of $33.61 to $34.62, reflecting very low amounts of fluctuation over that time period. Trading volume has risen by 45.26 percent and stands at $1.38 billion, putting the cryptocurrency in 16th place among all coins based on market capitalization.
LINK/USD 4-hour chart: LINK to reverse as bulls are exhausted?
On the 4-hour chart, we may observe that after a strong higher high was established this morning, the advance appears to be slowing down, which is likely to result in a retracement over the next days.
In November, Chainlink’s price has shown a significant uptrend in momentum. After establishing a strong higher high on October 26th, a sharp decline occurred at the end of October.
On the 31st of October, after failing to regain the prior high, a higher low was established at $29. From there, LINK/USD made two highs and lows before beginning a strong advance today.
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 has been unable to break the previous high this morning, reaching $34.5 after climbing. Although selling pressure subsided last night, suggesting that we may see a reversal later today as bulls become weary.