- LINK resisted by the $33 price level.
- Next major support at $31.
- Ascending trendline offering additional support.
Today’s Chainlink price prediction is bearish as the market failed to move above the $33 resistance and rejected lower over the past hours. Therefore, we expect LINK to move lower later today and retest the ascending trend line as the first support.
Cryptocurrency heat map. Source: Coin360
The overall market movement over the past 24 hours has been bullish. Market leader, Bitcoin, is up by 2 percent, while the rest of the crypto market has posted even better gains. One of the best gains is seen for Filecoin (FIL) and Vechain (VET), which are up by 12 and 9 percent respectively.
LINK/USD opened at $33.29 after bouncing from the $31 support yesterday. Right now, the further upside has been rejected as the resistance around $33 invited bears to start selling once again. Therefore, we expect LINK/USD to move lower later today as it looks to retest the support trendline and the $31 previous support.
The LINK/USD price moved in a range of $31.34 – $33.28, indicating a moderate amount of volatility. The 24-hour trading volume has dropped by 46.46 percent and totals $1.1 billion. Meanwhile, the total market cap stands at $13.5 billion, ranking the cryptocurrency in 10th place overall.
LINK/USD 4-hour chart – LINK rejecting further upside around $33
On the 4-hour chart, we can see a strong rejection candle formed overnight as LINK/USD retested the $33 resistance. This indicates we should see further downside later today with the first support around $31 likely to be retested.
LINK/USD 4-hour chart. Source: TradingView
Overall, Link has seen good performance over the past few weeks. During most of March, LINK/USD consolidated around the $27-$31 area, until a spike lower was seen on the 24th of March. Then, Chainlink found support around the $24 mark, which the market had previously rejected several times at the end of February.
From there, we saw LINK push higher over several weeks until the previous resistance area around $31 was cleanly broken. LINK/USD established a clear higher high at $33, indicating that the market momentum has shifted to bullish again.
Last weekend, the Chainlink price action retraced some of the previous gains and set a higher low around the $29 mark. After the higher low was set, LINK pushed even higher and established another higher high at the $35 mark. Therefore, the LINK/USD price action over the past weeks has become extremely bullish.
Earlier this week, LINK retraced once again and retested the previous major resistance of $31 as support. After the retest, the market started to slowly trade higher until the $33 resistance was reached overnight. A clear rejection bearish pin-bar was seen, indicating that the Chainlink price action momentum was not strong enough to break through. This means that we are likely to see another retest of the $31 mark later this week.
If the price action can remain above the $31 mark, a new higher high would be established, likely leading to another push higher over the following days. The next resistance level to reach is located at the $36 – $37 mark, where the current all-time high was set at the end of February.
Alternatively, if LINK/USD moves below the $31 support, we could see a much stronger medium-term retracement once again. In this scenario, we will likely not see LINK set another higher-high in the upcoming weeks, with the overall several-month price action turning bearish once again.
Chainlink price prediction is bearish as the price action momentum shifted overnight after a failure to move above the $33 resistance. Over the past hours, the market price has moved lower, and we expect this bearish momentum to continue later today.
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.