- LINK finds support at $26.5.
- Closest resistance at $28.5.
- Next major target around $31-$32.
Today’s Chainlink price prediction is bullish as the market rejects further downside after retesting support at $26.5. Therefore, we should see another attempt to move higher over the following 24 hours.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market has retraced over the last 24 hours. Most of the altcoins are in the red as the market is putting finishing touches to retracing and prepares to move higher later this week. Market leader Bitcoin trades at $57,810 and is down by 1.89 percent, and has a market dominance of 60.57 percent. Best performance is seen for Filecoin, with a more than 20 percent gain.
LINK/USD opened at $27.83 today, after consolidating below $28.5 resistance yesterday. Since then, LINK has pushed lower and currently tests support at $26.5. As of now, further downside is rejected, signaling that we should see further upside later today.
The LINK/USD price moved in a range of $26.69 – $28.57, indicating a good amount of volatility. 24-hour trading volume has dropped by 9.15 percent and totals $1 billion. Market cap has dropped to $11.2 billion, ranking the cryptocurrency in 11th place overall.
LINK/USD 4-hour chart – LINK fails to break through $26.5
On the 4-hour chart, we can see the Chainlink price action attempting to break through support around $26.5. Right now, some rejection is seen, indicating that the market will likely push higher over the following 24 hours.
LINK/USD 4-hour chart. Source: TradingView
Overall, Chainlink looks to regain bullish market direction after breaking through previous consolidation range support at $26.5 and moving all the way towards the next support at $24. Previously this support level held the market from further downside several times at the end of February. Therefore, we expect that last week’s retest of this price level has stopped the current medium-term bearish momentum.
During the weekend, the bullish Chainlink price momentum pushed back above $26.5, indicating that we should see further upside later this week. Yesterday, the market attempted to break through the $28.5 mark, which served as a middle-of-the-range support/resistance level over the previous last weeks. Chainlink found resistance and was rejected back to the downside overnight.
Right now, LINK/USD tests previous support around $26.5 with a rejection for further downside already seen. Therefore, we expect the Chainlink price momentum to shift back to bullish over the next 24 hours and attempt to set a new higher local high above the $28.5 mark. From there, the next major resistance area is seen around $31-$32, which, if reached from the current price of $27, would mean a potential gain of around 15-18 percent.
Alternatively, if the support at $26.5 does not hold, LINK should retest the previous major support at $24, which would be a bearish sign for the overall market structure. In this scenario, we could see LINK/USD set further lows over the next few weeks, which would mean that a new all-time high for Chainlink price would not be seen for several months.
Chainlink price prediction is bullish as the support at $26.5 has stopped LINK from moving lower. If the $26.5 level is not broken, we should see further upside later today, with the next resistance at $28.5. From there on Chainlink will likely start to set its way towards a new all-time high above the $36 mark.
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