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Chainlink Price Analysis: LINK fails to break through previous high and gets rejected $34.5

Aave USD price analysis

TL;DR Breakdown

  • 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.

Chainlink Price Analysis: LINK fails to break through previous high and gets rejected $34.5 1Cryptocurrency 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. 

Chainlink price movement in the last 24 hours: Chainlink unable to test previous high at $35

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.

Chainlink price analysis
LINK/USD 4-hour chart. Source: TradingView

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 Analysis: Conclusion 

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.

While waiting for Chainlink to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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