- LINK trades close to support at $29.
- Next resistance at $32.
- Minor support for Chainlink is located around the $30 mark.
Today’s Chainlink price prediction is bullish as the market rejects further downside and has printed a 4-hour bullish pin-bar, indicating an upcoming reversal.
The overall market is in the red today, however, does start to slowly climb back, indicating that we might see more upside soon. Market leader trades with a small gain of 0.5 percent, while the remainder of top altcoins such as Ethereum and Cardano are in the red around 2-4 percent.
LINK/USD opened at $29.89 today after a strong bearish move yesterday that retraced much of the gains seen last week when the market moved from the low of $26 to the local higher high of $32. Currently, Chainlink price rejects further downside and forms a bullish pin bar on the 4-hour chart. Therefore, we expect further upside for LINK over the next 24 hours.
Chainlink’s price has moved in a relatively moderate range of $28.73 – $30.54. Trading volume has seen a small increase of 1.54 percent and totals $1.5 billion. Chainlink’s market cap of $12.1 billion still places it in the 10th position for total market cap out of all cryptocurrencies.
On the 4-hour chart, we can see Chainlink’s price rejecting further downside and consolidating around $29 support. Therefore, we expect the market to push higher soon.
Overall, the market has shown signals of medium-term trend reversal after LINK retraced from the all-time high of just under $37 at the end of February and lost 41 percent of the low of $21.
After a strong bounce-back towards the $29 mark, Chainlink price attempted to move lower several times, however, it was stopped by the support around $23-$24. From there on, a clear higher high was set around $32 at the beginning of March. Followed by a retracement that set a higher low, Chainlink then pushed higher once again last week and set another high at the $32 mark.
After briefly consolidating around $32, LINK did start to retrace again. Right now, the retracement has been stopped by the support around $29. Therefore, Chainlink is likely to reverse soon as a further downside is rejected. A bullish 4-hour pin bar has already been set by LINK/USD, indicating that the market is likely ready to push higher soon.
The next target for Chainlink is located around the local high of $32. If it is broken in a clear way, we could see the market gain momentum and look to retest the $35-$36 area of major resistance next. This would mean a move of around 19-21 percent from the current price, meaning a good trade setup in terms of risk/reward.
Alternatively, if Chainlink fails to hold ground around $29, we are likely to see further downside. The next major support is located as far as the $26 previous swing low. If it is reached, the Chainlink price will turn very bearish once again, and we could see further downside over the following weeks.
Chainlink price prediction is bullish as a further downside is rejected as of now. A bullish 4-hour pin bar at the support indicates a clear signal that LINK/USD is ready to reverse. Therefore, we are likely to see Chainlink move towards the previous swing high of $32 over the following days. If the high is broken with strong momentum, Chainlink should push higher towards the next resistance, around $36.
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