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Chainlink price prediction: Chainlink peaks at $42, a retracement to follow?

Chainlink Price Analysis

TL;DR Breakdown

  • LINK sets a new ATH at $42.18.
  • Closest resistance at $37.
  • Additional resistance at $35.

Today’s Chainlink price prediction is bearish as the market has extended by more than 30 percent since the last low around $32. Therefore, we expect LINK/USD to retrace over the next few days as it looks to set another higher low, from which to push higher later this month.

Chainlink price prediction: Chainlink peaks at $42, a retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market trades with mixed results as Bitcoin has lost 2.2 percent, while Ethereum has increased by almost 4 percent. Similar results are seen for the major altcoins, with Ripple (XRP) retracing 8 percent and Chainlink (LINK) increasing by 11 percent.

Chainlink price prediction: Chainlink peaks at $42, a retracement to follow?

LINK/USD opened at $43.35 after the market set a new all-time high just above the $42 mark and slightly retraced overnight. Since further upside seems to be rejected right now, we expect a several-day retracement to begin later today with the $37 previous resistance, turned support likely to be reached by the end of this week. 

Chainlink price movement in the last 24 hours

The LINK/USD price moved in a range of $35.12 – $42.08, meaning a good amount of volatility. 24-hour trading volume has spiked by 59 percent and totals $3.8 billion. Meanwhile, the total market cap has reached $17.3 billion, ranking the cryptocurrency in 10th place overall.

LINK/USD 4-hour chart – LINK shows signs of upcoming reversal

On the 4-hour chart, we see an indecision candle set over the past hours. Right now, LINK/USD attempts to retest the previous high, and if a further upside is rejected, we should see a much deeper retracement over the next few days.

Chainlink price prediction: Chainlink peaks at $42, a retracement to follow?
LINK/USD 4-hour chart. Source: TradingView

Overall, Chainlink has performed great so far this month. After setting a new swing low on the 25th of March, Chainlink price started to regain bullish momentum as several higher highs and lows were set with relatively moderate range. 

After reaching $35 resistance, the bullish Chainlink price momentum paused for a while as consolidation was made above the several-week ascending trendline. On the 11th of April, LINK/USD moved above $33 and made a slight retracement to $32. 

From there the current aggressive bullish momentum started, with some resistance around $37 earlier this week. As mentioned in our previous Chainlink price prediction, the market did fall back to the $35 mark with a quick spike lower. However, any further downside was quickly rejected and the market pushed higher overnight until a new all-time high was set just above the $42 mark, resulting in a total gain of more than 30 percent.

Therefore, the LINK/USD market structure is extended as of now and a retracement is needed before a further long position can be entered with a good risk/reward potential. First support is seen at the $37 mark, where a 50 percent Fibonacci retracement level is seen together with previous major resistance.

The next support level is located at the previously mentioned $35 mark. If this level is tested together with the several-week ascending trendline, the market structure would provide an excellent long position entry opportunity.

Chainlink Price Prediction: Conclusion 

Chainlink price prediction is bearish as the market has extended by more than 30 percent since the previous major swing low around $32. If the market fails to move higher over the next hours, we expect a several-day retracement as bears look to retest the previous major resistance at $37 as a support.

While waiting for Chainlink to retrace or break higher, see our guide on how to mine Bitcoin. To learn more about other great altcoins, see our long-term price predictions on Stellar Lumens and Polkadot.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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