- LINK/USD trades around $23.4.
- Closest support below $22.
- Resistance still around $25 – $26 area.
Chainlink price prediction today is bullish. LINK/USD has continued to set higher highs along the 100 period moving average on the 4-hour chart.
Cryptocurrency heat map by Coin360
The overall market remains in the green as most majors experienced a strong rally earlier today. LINK currently seems to be the only one with a negative 24-hour price action when compared with the rest of the altcoins
Chainlink currently has slowed down, which is only natural after the spike in price seen yesterday. Chainlink set a new higher low as LINK/USD tested the $20 support.
LINK then spiked towards the $24.5 area before reversing to the downside again. Since then, Chainlink has been consolidating in preparation for the next move, hopefully, to the upside.
Chainlink has traded with a volume of almost $4 billion today. The range has been relatively small – $22.11 to $24.20. Overall, Chainlink has established a solid base for the next wave to the upside over the last 24 hours. Therefore, the analyst expects Chainlink to increase in volatility and move higher once again in the upcoming 24 hours.
Chainlink price chart by TradingView
As mentioned in our previous Chainlink price prediction, the $20 support was indeed the level to watch. LINK/USD did reverse just above it, although the 61.8 percent Fibonacci retracement acted as a powerful support and rejected the price shortly after being tested.
Additionally, the 50 period moving average blue line also offered strong support in confluence with the 61.8 percent Fibonacci retracement level. This support area helped Chainlink to set another higher high above the $20 mark. Therefore, Chainlink continues to trade in bullish momentum.
Currently, the critical level to watch is the previous all-time high at 25.8, which would likely cause Chainlink to move further towards the $30 mark if broken. The $30 area is crucial as it is a psychologically significant round number and is in confluence with the 50 percent Fibonacci extension. If Chainlink can reach this target from the current price, traders could bag just under 30 percent for a long position.
Chainlink could continue to consolidate for some time and drop even lower. Another retest of the $22 mark is likely and would offer even better entry in terms of risk/reward. However, if LINK does break below this horizontal local support, the cryptocurrency could turn bearish once again. Therefore, the $22 mark could be used as a mark for stop-loss orders.
The next support area to look for is around the previous significant swing low of $17. Hopefully, Chainlink would not have such a massive retracement, as it would completely invalidate the current bullish momentum. If the $17 support area breaks, the analyst expects a much larger, mid-term trend reversal.
The Chainlink price prediction is bullish as the price action has set up a good base for moving higher. Target to watch for at first is the previous all-time high of $25.8. Further on, the analyst expects no clear resistance until the psychologically critical $30 price mark. The $30 level is also in confluence with the 50 percent Fibonacci extension. Therefore, it could be used as a profit target for any potential long position that has already been or could potentially be made.
Alternatively, support to watch right now is the $22 mark. If the support is broken, Chainlink will see a lot more downside in the coming days.
For further reading, see opinion on the health of Bitcoin during the current market conditions or see an article on how there is an increasing number of female crypto investors in the UK.
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