- LINK sets a higher high at $34.
- Several week ascending trend line still holds.
- LINK attempts to set a higher low at $32.5.
Today’s Chainlink price prediction is bullish as the market has set a higher high and higher low while continuing to respect the several-week ascending support trendline.
The overall crypto market trades with mixed results today. Both Bitcoin and Ethereum remain relatively flat with a gain of around 1 percent. Meanwhile, Binance Coin continues pushing higher and trades around $562, with a 20.5 percent gain.
LINK/USD opened at $33.87 after strong bullish close yesterday. Overnight, the market started to retrace and currently tests the several-week ascending trendline as support. Therefore, if the trendline support is not broken, we expect another push higher over the next days with the next target at $35 previous major swing high.
The LINK/USD price moved in a range of $32.23 – $34.42, indicating a good amount of volatility. Trading volume has increased by 32.66 percent and totals $1.37 billion. The total market cap stands at $13.7 billion, ranking the cryptocurrency in 10th place overall.
LINK/USD 4-hour chart – LINK retests ascending trend line as a support
On the 4-hour chart, LINK/USD currently tests ascending trendline of support. Unless Chainlink price action breaks below the support, we can expect further upside later this week.
Overall Chainlink price has traded with very strong bullish momentum over the past weeks. Last month we saw LINK/USD trade sideways around $28.5 as a middle point until a spike below $26.5 support took the market towards the previous major support area around $23-$24.
From there, the Chainlink price momentum shifted back to bullish as LINK quickly moved higher back to $31 resistance. Later, Chainlink started to set several higher highs and lows, with a slight loss of momentum. However, a clear ascending trendline, drawn from the lows set over the past weeks, continues to support LINK/USD.
Yesterday Chainlink broke out of $33 local resistance and peaked just below $34.5, meaning another clear higher high was set. Overnight, LINK/USD consolidated and slowly started retracing. This short-term bearish momentum has led to a quick spike lower over the past hours towards the $32.5 mark.
The ascending trendline shows good support as of now, meaning that we expect another push higher over the next 24 hours. As mentioned, the first target to the upside is set at the previous major swing high of $35. From there on, the next targets are set at $36, as well as the previous all-time high of $37.
Alternatively, if LINK/USD moves below the ascending support trendline, we should see a much serious reversal over the next weeks, with the $31 support level acting as the last support before the market price structure turns bearish again.
Chainlink price prediction is bullish as the market structure continues setting higher highs and lows along the several-week ascending trendline. Therefore, LINK should see another higher low established over the next hours, from which the market will push higher later this week as bulls aim to finally break above the $35 previous major swing high.
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