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Chainlink Price Analysis: LINK/USD reverses to a lower high at $29

Chainlink price analysis

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • LINK/USD saw strong buying yesterday.
  • The market went below $30 overnight

The price of Chainlink is currently bearish, following a strong downside over the last 24 hours that established a lower high at $29. As a result, we anticipate LINK/USD to retreat some of its progress next, aiming to establish another higher low from which to advance later this week.

Chainlink Price Analysis: LINK/USD reverses to a lower high at $29 1Cryptocurrency heat map. Source: Coin360

According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 3.17% and 4.65% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 5%.

Chainlink price movement in the last 24 hours: Chainlink downtrend in progress

LINK/USD moved in a range of $28 – $29 over the past 24 hours, showing low price volatility. Volume has increased by 45.26 percent and is now at $1.38 billion, putting the coin in 16th position overall among cryptocurrencies with a market cap of around $16.3 billion as of writing.

LINK/USD 4-hour chart: LINK to reverse as bulls are exhausted?

On the daily chart, we can see that after a strong higher high was established this morning, the advance has begun to slow down. This is likely due to a retracement over the next few days as a result of this.

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

In November, Chainlink’s price saw a strong upward momentum return. After establishing a powerful higher peak on October 26th, a sharp fall occurred at the end of October.

A higher low was established around $29 on the 31st of October after a failed attempt to regain the prior high. LINK/USD subsequently made two highs and lows before beginning a robust ascent on Monday.

The $34 swing high was broken rapidly, with some selling pressure returning at $35. The Chainlink price movement, on the other hand, shot higher again this morning, bringing the current monthly high at $35.6.

Chainlink Price Analysis: Conclusion 

The price of Chainlink is up today, thanks to a significantly higher high set at $35.5 following an increase this morning. However, selling pressure returned overnight, suggesting that we could see a reversal later today as bulls are 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.

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