TL;DR Breakdown
- LINK testing resistance at $28.5.
- Chainlink set a higher high.
- Support around $26 still holds.
Today’s Chainlink price prediction is bearish as the market sets a new higher high above $28.5 and shows signs of rejection for further upside at the $29 mark.
Cryptocurrency heat map. Source: Coin360
The overall market is in the green over the last 24 hours. BTC and ETH are up by almost 6 percent, with the rest of the market following this trend. Among the top altcoins, Polkadot and Binance Coin are up the most with a gain of 7.6 and 6.3 percent, respectively.
Chainlink price prediction: LINK breaks $28.5, a small retracement to follow?
LINK/USD opened at $28.18 today after a bullish pin-bar was printed on the daily chart, indicating that the market is ready to move higher next week. First, however, we will likely see another local retracement and a higher low, which would allow the market to form a solid base for the next leg up.
If Chainlink price can set a clear higher low above the previous support of $26, we are likely to see the next move to the upside result in the several week high of $31.46 being tested. From there on, LINK would confirm a very strong signal that the medium-term bullish momentum has resumed and we are likely to see Chainlink set a new all-time high later this month.
Chainlink price movement in the last 24 hours
The LINK/USD price over the last 24 hours has had a range of $26.41 – $29.02, indicating moderate volatility. Chainlink currently ranks 10th by market cap, which stands at $28.6 as of writing. Volume is up by 3.3 percent and totals $1.23 billion.
LINK/USD 4-hour chart – Chainlink resists further upside
On the 4-hour chart, we can see LINK currently rejecting further upside after briefly reaching $29 mark. Therefore, Chainlink will likely spend the rest of the day retracing to the downside in an attempt to set a higher low.
LINK/USD 4-hour chart. Source: TradingView
Overall, the market has been bearish for the past weeks. After Chainlink set a new all-time high just under $37 on the 21st of February, the market structure experienced severe bearish momentum. At the end of February, Chainlink price dropped by almost 40 percent from the previously mentioned high of $37 to the low of $21.
The low at $21 was quickly rejected as bulls rushed in to acquire LINK at a massive discount. From there on, Chainlink established support around a $23-24 area. A retest of this support around the end of February resulted in a very bullish opening of this month for Chainlink, as the market moved from $23 to $31, setting a clear higher local high.
What followed was a retracement towards the $26 price mark. When considering the Fibonacci level drawn from the low of $23 to the high of $31.5, we can see that the $26 current low corresponds to the 61.8 Fib retracement level. This price level did provide a very good entry opportunity and signaled that the market has set a clear higher low, indicating that the medium-term trend has returned to the upside.
Therefore, the current price action should lead LINK higher next week. The first target is the previous high around $31. After this level is broken, LINK should move all-the-way towards the previous all-time high of $37.
Chainlink Price Prediction: Conclusion
Chainlink price prediction is bearish for today. However, if Chainlink can set a clear higher low above the $26 mark, we expect the market to continue higher next week and look to test the $37 price mark, where the previous all-time-high was set.
While waiting for further price action, read our long-term Zcash Price Prediction 2021 – 2025 or see our guide on Ripple Wallets.
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.
