TL;DR Breakdown
- LINK is supported by the $29 mark.
- Previously LINK got resisted by resistance at $31.
- Chainlink to see more upside later.
Today’s Chainlink price prediction is bullish as the market found support around $29 earlier today and currently rejects further downside. Therefore, we are likely to see the Chainlink price push higher later today towards previous resistance around $31.
Cryptocurrency heat map. Source: Coin360
The overall market has bounced some of the losses seen earlier today. Market leaders – Bitcoin and Ethereum remain relatively flat, while best performance is still seen for VeChain. LINK is one of the coins that have struggled over the past 24 hours and trades at a 1.7 percent loss.
Chainlink price prediction: Chainlink tests $29, prepares to move higher
LINK/USD opened at $29.26 after the price got pushed down over the weekend from the previous resistance area around $31-$32. As of now, the price of Chainlink rejects further downside as the minor support around $29 held the market again. Therefore, we are likely to see Chainlink push higher later today as traders look to finally move the market above the $31-$32 major resistance area.
Chainlink price movement in the last 24 hours
The LINK/USD price moved in a range of $28.73 – $29.89, indicating relatively low volatility for the market over the last 24 hours. This is also reflected in trading volume, which has decreased by 21.9 percent and totals $871 million. Total market capitalization stands at $29.3 billion, ranking the cryptocurrency in 10th place.
LINK/USD 4-hour chart – LINK rejects further upside
On the 4-hour chart, a clear rejection for further downside is seen over the last hours. Therefore, we can expect the price of Chainlink to reverse around this level later today.
LINK/USD 4-hour chart. Source: TradingView
Overall, Chainlink has seen calm these past weeks as the market consolidated above support around $26-$27 and resistance around $31-$32. This was a result of a severe pullback after the Chainlink price set a new all-time high just below the $37 mark. A sharp pullback of around 40 percent to the low of $21 followed, after which the market got a heavy rejection for further downside.
After LINK regained some of the loss, it started to consolidate around the previously mentioned range. Therefore, the market effectively has no clear direction as of now.
At the end of last week, the price of Chainlink did set both a lower low and a higher high, indicating expanding volatility while still not having a clear direction. If the market can manage to hold the current higher low around the $29 mark, we should see LINK push higher in the upcoming days as it attempts to break out of the consolidation range finally.
The next major resistance is seen around the previous all-time high of $36-$37. If reached from the current price level, this would mean a potential gain of around 23-26 percent. From there on, there are no further resistances, and the price of Chainlink could skyrocket towards the next psychologically round number of $40.
Alternatively, if the support at $29 does not hold, we will likely see Chainlink return towards previous major support around the $26-$27 mark. From there, LINK`s price action could become even more bearish, and we could see further consolidation as the best scenario.
Therefore, the support at $29 is a key level to watch right now. Most likely, the price of Chainlink would push higher as the overall market sentiment is bullish currently.
Chainlink Price Prediction: Conclusion
Chainlink price prediction is bullish as the market rejects further downside over the last hours. As long as the support at the $29 mark holds, we should see the Chainlink price push higher over the upcoming days.
While waiting for Chainlink to push higher, see our guide on Bitcoin halving, as well comparison articles about Bitcoin vs Litecoin and Bitcoin vs Bitcoin Cash.
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.
