TL;DR Breakdown
- Chainlink price analysis is bullish today.
- LINK/USD found support at $26 yesterday.
- The market currently consolidates above $28.
Chainlink price analysis is bullish today as we expect further upside to be tested after returning above $28 resistance. Likely LINK/USD will move towards the $30 mark over the next 24 hours.
The overall market has seen bullish momentum return over the last 24 hours. Bitcoin has gained 3.29 percent, while Ethereum 4.12 percent. Meanwhile, the rest of the top altcoins have seen an even better performance.
Chainlink price movement in the last 24 hours: Chainlink rejects further downside, returns above $28
LINK/USD traded in a range of $27.62 – $28.85, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 39.5 percent, totaling $779 million, while the total market cap trades around $13.3 billion, ranking the coin in 18th place overall.
LINK/USD 4-hour chart: LINK to continue higher?
On the 4-hour chart, we can see the $28 mark still holding, potentially leading the Chainlink price action higher later today.
Chainlink price has seen strong bearish momentum return over the past week. After a several-week rally, a new all-time high was set at $38 on the 10th of November.
Drop lower followed, leading LINK/USD into a consolidation in an increasingly tighter range. A strong break followed on the 15th of November, leading Chainlink to the $28 mark initially. After some consolidation, another drop followed on the 18th of November, with a new lower low set at $26.
Since then, we have seen recovery back above the $28 mark. Chainlink price action currently consolidates above the resistance turned support, likely leading to further upside tested later today.
Chainlink Price Analysis: Conclusion
Chainlink price analysis is bullish today as we saw an upsurge yesterday above $28 previous support. Therefore, LINK/USD should see further upside over the next 24 hours.
While waiting for Chainlink to move further, see our guides on the Best crypto exchange, how to mine Chainlink Classic, and Cardano vs Chainlink.
