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Chainlink price analysis: LINK/USD set to surpass the intraday high

Chainlink price analysis

TL; DR Breakdown

  • Chainlink price analysis is bearish today.
  • Chainlink is trading positively on the daily heat map, recording more than a 3 percent price surge.
  • In the last few weeks, Chainlink’s price has seen a high volatility. 

Chainlink price analysis: General price analysis

The daily Chainlink price analysis chart began off while sellers controlled the market, causing a price surge. The buyers dominated the market for the first 15 minutes sending the prices to intraday high. Sellers came into the market and caused resistance at the intraday high of $30. This resistance was significant as it made the prices drop formin several inverted triangle patterns to the lows of $28.3.The bulls had created a week of support that made the sellers push the prices to $28.8, where they faced another strong resistance from the bears. The sellers came in large numbers sending the prices to intraday lows of $27.9.

Chainlink price analysis is bearish today as a strong resistance was create in the early trading hours by the bears making the prices trade in a bearish trend on the daily chart. Therefore, we expect LINK/USD to gather momentum for a push higher over the next 24 hours and look to return to the $30 resistance.

Chainlink price analysis
Cryptocurrency heat map. Source: Coin360

The cryptocurrency heat map reveals that the market is trading moderately. The color blue represents a higher volume of transactions. With the red bars having equal spots as the green bars on the heat map, BTC is in a slight bear trend (-0.46 price variation). Ethereum (ETH), which is ranked second by market capitalization, has risen in value modestly, trading at $3.3 K. The BNB is currently trading with over 1 percent gain in value. Atom was the most incredible performer, gaining 21% in rice price. Chainlink is trading in a positive momentum recording more than a 3 percent price surge.

LINK/USD 4-hour chart: targets the $30 resistance next?

Chainlink price analysis: LINK/USD set to surpass the intraday high 1
Source: Tradingview

On the 4-hour chart, Chainlink’s price action aims to break above $28 and establish support there. The $30 mark is a significant barrier that has kept LINK/USD from reclaiming prior swing highs.

In the last few weeks, Chainlink’s price has seen a lot of volatility. On September 6, LINK/USD had a substantial reversal when it rallied from the $25 support to the $36 swing high over the initials days.

The Balance of Power indicator is negative, implying that the LINKUSD market is controlled by bears. Bulls are battling to reverse the bear trend. The sellers have overwhelmed the bulls, thus pushing the market more profound into a bearish trend.

Chainlink Price Analysis: Conclusion 

Today Chainlink price analysis is bearish. However, the bulls can reverse the bearish trend and set a bullish momentum that will surpass the intraday highs of $30.

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.

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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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