Chainlink Price Analysis: LINK/USD bullish for the next 24 hours

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD is presently at $25.6.
  • LINK will spike higher today.

The Chainlink price analysis is bullish right now since we anticipate the $26 local resistance to be broken soon after a clear higher low was established around $25 overnight. Since then, the LINK/USD pair has begun to rise, implying that more upside may be tested today.

A higher low fuels this bullish momentum as yesterday’s price action set that element in place. The downtrend line from the high at $48 has been broken and was seen around 12 hours ago.

Buying pressure has returned overnight, with prices moving above $26 soon after 01:00 UTC this morning. This technical resistance level is key to any break out of its current bearish trend, and therefore, we anticipate the $26 area to be tested soon enough.

A break above $26 will encourage further bullish action, and the next target could be the 100-hour moving average at around $30 or even higher if prices clear that hurdle soon enough.

On the downside, a return toward $25 still looks likely since our bullish case is not yet complete. Should the LINK/USD pair trade below $25, we could see a return toward the long-term bearish trend line in play from the high at around $20.

LINK/USD 4-hour chart: LINK begins to rally again?

On the hourly chart, we may observe a resurgence of bullish momentum this morning, which is pushing the price back toward $26 local resistance. However, this area may still hold as we expect a breakout around that level to occur shortly like it did yesterday.

Chainlink Price Analysis: LINK/USD bullish for the next 24 hours 1
LINK/USD 4-hour chart. Source: TradingView

We anticipate higher prices; an entry towards $28 and even $30 is not out of the question. The local resistance at $26 will require a convincing break to open up further buying pressure and more upside momentum for LINK/USD.

The next important resistance for LINK/USD lies around $33, where the 200-day moving average is currently located. This will be an obstacle for LINK/USD that can potentially be broken if this bullish momentum remains in motion.

A move above that level could finally see LINK/USD test the psychological $50 area again in the coming days and possibly even weeks. On the flip side, a break below $25 will probably lead to more downside for LINK/USD.

The RSI is also looking favorably on further gains for LINK/USD, currently traded above 50. This also adds to the bullish case for LINK/USD as it could pave the way for more upside over the coming session.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today. The LINK/USD set a higher low at $25 yesterday. Buying pressure returned overnight, and the price is now hovering around the local resistance at $26, as we expected. A break above will see it make a run for $28 and even beyond, according to our bullish bias. 

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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