- LINK trades near previous swing high.
- Resistance at $32 still holds.
- Closest support at $29.
Today’s Chainlink price prediction is bullish as the market has set a new higher low around $29 yesterday and looks to break out of resistance at $32.
Cryptocurrency heat map. Source: Coin360
Overall cryptocurrency market sends mixed signals for the past 24 hours. Bitcoin has remained flat with a 0.5 percent gain. From the top altcoins, the best performance is seen for Polkadot (DOT) and Ripple (XRP) with both trading with a just over 5 percent gain. Cardano (ADA) currently has the worst performance as it has lost 2.25 percent.
LINK/USD opened at $29.79 today after relatively calm trading yesterday, during which the price structure of Chainlink established a higher low around the $29 mark. Currently, LINK is set to retest the $32 mark, which served as a strong resistance earlier this week. If the resistance is broken, we should see the Chainlink price move much higher in the following days as there is no strong resistance until the $36 mark, which is where the current all-time-high is located.
The LINK/USD price moved in a range of $29.77 – $31.48, indicating mild volatility over the last 24 hours. Trading volume has dropped by almost 8 percent and totals $1.17 billion. Meanwhile, the total market cap stands just under $13 billion, ranking the cryptocurrency in 10th place overall.
LINK/USD 4-hour chart – Will LINK break resistance at $32?
On the 4-hour chart, we can see Chainlink rejecting further downside yesterday around the $29 mark. Additional support was provided by both the 50 and 100 period moving averages, which were located in the same area at the time. From there on, the Chainlink price has pushed higher and tests previous local high around $31.2.
LINK/USD 4-hour chart. Source: TradingView
Overall, Chainlink is ready to move higher as indicated by very bullish price action over the past days. As mentioned in our previous Chainlink price prediction, the next rally for LINK could see as much as a 40 percent upside.
This Chainlink price prediction is very bullish. However, considering the fact that there is only one resistance ahead for the market around the previous all-time high of $36, we could see Chainlink easily explode higher over the remainder of March in a similar way as during the beginning of February.
As seen on the chart, LINK has spent the last week consolidating around a range of approximately $27 – $31. Both higher local swing highs and lower lows have been set, indicating a lack of clear direction. However, Chainlink price did set a clear signal yesterday as it rapidly moved towards the $31 mark after retesting support around the previously retested $26-$27 area of support.
What followed was a small retracement yesterday, during which further downside was rejected around the $29 mark. Today, the Chainlink price has pushed higher again. The previous swing high at $31 has already been reached. If this high is broken, LINK has another strong resistance at the $32 mark. If this resistance can be broken, we should see Chainlink move much higher over the following days.
Therefore, the expectation for Chainlink is that it should reach the previous all-time-high next week. From there on, Chainlink has no further resistances ahead and we could see Chainlink trade much higher over the remainder of March in an exponential move as we already saw during the beginning of February.
Alternatively, If Chainlink gets resisted by the current resistance at $32, we could see Chainlink continue the several-day consolidation next week. This could lead towards a very bearish scenario in which LINK retests the previous major support area around $26 – $27. If this area breaks, Chainlink`s price structure would start to look very bearish once again.
Chainlink price prediction is bullish as the market has set a new local higher low and tests previous local swing high with good momentum. Therefore, if both the local high and resistance at $32 are broken later today, we should see Chainlink push higher towards the all-time high around $36 next week.
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.