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Chainlink price prediction: Chainlink retraces to $33, reversal next week?

Chainlink Price Prediction

TL;DR Breakdown

  • LINK finds support at $33.
  • Closest resistance at $35.
  • Next resistance at $37.

Today’s Chainlink price prediction is bullish as the market rejected further downside around $33 earlier today and retested it once again over the past hours. Therefore, we expect LINK/USD to move towards the next resistance at $37 over the remaining day. 

Chainlink price prediction: Chainlink retraces to $33, reversal next week? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market has traded in the red for the past 24 hours. After strong bearish momentum overnight, the market leader – Bitcoin, lost 10 percent, while Ethereum is down by 12 percent. The rest of the top altcoins follow this trend with similar negative results.

Chainlink price prediction: Chainlink retraces to $33, reversal next week?

LINK/USD opened at $39.93 after bearish momentum yesterday. Overnight the Chainlink price action spiked lower until support was found at the $33 mark. After a move to $37 resistance, the market reversed again and made a retest of the $33 support. Since no further downside was seen, we can expect the market to rally further over the next 24 hours.

Chainlink price movement in the last 24 hours

The LINK/USD price moved in a range of $30.28 – $42.47, indicating severe volatility. 24 trading volume has increased by 32.43 percent and totals $3.55 billion. Meanwhile, the total market cap stands at $14.55 billion, ranking the cryptocurrency in 12th place overall.

LINK/USD 4-hour chart – LINK rejects further downside at $33 and prepares to move higher

On the 4-hour chart, rejection for further downside is currently seen after another retest of the $33 support level was made over the past hours. The next price target for LINK is seen at $37, which should be reached by the end of today.

Chainlink price prediction: Chainlink retraces to $33, reversal next week?
LINK/USD 4-hour chart. Source: TradingView

Overall, Chainlink has performed well over the past weeks as the market increased by 85 percent after finding support around $24 and setting several higher highs and lows until a new all-time high at the $44 mark was set. However, after retesting the all-time high early yesterday, the market started pushing lower.

Most of the loss was seen overnight as the previous support levels at $40, and $37 were broken without any hesitation. Support was found at the $33 mark, where bulls quickly took over control and pushed the market towards the $37 level. After some consolidation, another push lower was made, and the $33 mark was retested, effectively setting a double bottom pattern.

Therefore, we can expect Chainlink price momentum to shift back to the upside and move higher over the next few days. The $37 resistance will likely be retested later today and from there on, much depends on whether bulls can keep the momentum going. If The $37 resistance is broken, we can expect LINK to move much higher and retest the previous major support at $40 as a resistance. 

Alternatively, if the $37 still holds, we will likely see a consolidation early next week as a further base from which to move higher is formed. Overall, as long as the previous consolidation above the $31 mark is not broken, we remain bullish for the medium-term bullish trend.

Chainlink Price Prediction: Conclusion 

Chainlink price prediction is bullish as another retest of the $33 support was made over the past hours. Therefore, we can expect LINK/USD to move higher over the next hours, with the next price target located at the $37 mark.

While waiting for further Chainlink price action development, see our guide on free Ethereum. To learn more about other great altcoins, see our long-term price prediction on Stellar 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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