Today’s Chainlink price prediction is bullish as further downside has been rejected several times over the past hours. Therefore, the LINK price action indicates we will see an upside later this week as bulls look to regain control over the market.
The crypto market overall has been bearish over the last 24 hours. The market leader, Bitcoin, is down 4 percent, while Ethereum trades around 5.8 percent loss. Dogecoin is an exception as it has managed to gain 10 percent.
LINK/USD opened at $35.8 after a huge volatility move was seen yesterday as bulls tried to regain some of the loss; however, it failed shortly after, resulting in another spike to $33. Over the past hours, LINK/USD has rejected further downside again, indicating that we will see a move higher later today, with the closest target being $40 resistance.
LINK moved in a range of $33.39 – $40.01, indicating huge volatility over the last 24 hours. Trading volume has dropped by 7 percent and totals $3.46 billion. Meanwhile, the total market cap stands around $14.6 billion, ranking the cryptocurrency in 13th place overall.
On the 4-hour chart, we can see LINK starting to reverse back to the upside as a further downside was rejected earlier today.
Over the past weeks, Chainlink has managed to gain almost 85 percent after finding support of $24 on the 24th of March. After several weeks of slowly setting higher highs and lows, LINK spiked much higher on the 14th of April. Shortly after Chainlink set a new all-time high at $44.37
After some consolidation, LINK/USD pushed higher again and retested the $44 resistance. Further upside was rejected, and the market started to trend lower again slowly. Previous support at the $40 was quickly broken, resulting in a sharp spike towards the $33 mark.
From there, the market saw a sharp retracement higher towards the $42 mark. Since a lower high was set, bears quickly regained control, and LINK started moving lower again Yesterday. Another spike towards the $33 was made – this time with a low of $32, indicating a bearish price structure overall.
Over the past hours, the Chainlink price has continued to reject further downside, meaning that a reversal will soon be seen. Next resistance is seen at the $40 mark, where the market previously consolidated for several days. Therefore, this could be the target where the next lower high is set. Further, if LINK manages to set a higher low this week, we can expect further upside later this month. Therefore, it is best to wait for further Chainlink price action development as of right now. After a higher low is set, a long position can be entered with the expectation that LINK/USD will move towards new highs by the end of this month.
Chainlink price prediction is bullish as bulls are slowly reversing the bearish momentum seen previously. Further attempts to move below the $33 support have failed, indicating we should see a push higher over the next 24 hours. Therefore, we expect Chainlink to resume its several-week bullish trend later this week, with a new all-time high reached by the end of this month.
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.
This post was last modified on November 8, 2021 7:27 am
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