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Chainlink Price Analysis: A LINK/USD rally on the sides after asset crosses $26.00 level

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TL;DR Breakdown

  • LINK/USD pair price has been trending upwards
  •  Overnight, LINK/USD retraced and tested the previous $25 
  •  As of this writing, Chainlink is trading at $26.76 against the US dollar.

Chainlink Price Analysis: General price overview

In our Chainlink price analysis, LINK/USD pair price has been trending upwards since breaking of resistance near $25. The coin’s price action retraced a descending triangle at the close of yesterday’s session to a higher low of $23.9. However, an early morning uptrend saw the bulls break above $25 and we anticipate that trend to continue and set the next major support level at $30.

Generally, the Cryptocurrency market has been trending downwards in the last 24 hours, with bears leading the market. BTC decreasing by 2%. ETH dropped by 2.3% and Binance Coin cut down 4 percent.

Chainlink price movement in the last 24 hours

The LINK/USD price has fluctuated between $24.60 and $26.56 over the last 24 hours. The change is pretty little, and an indication of low volatility in the market. This change was accompanied by a drop in trading volume by 24 percent, to an estimated $1.07 billion. The total market capitalization equals approximately  $11.8 billion as of this writing after rising by 5.5 percent in the last 24 hours. Thereby, bringing the coin into rank 14th on CoinMarketCap’s top 20 altcoins. 

Chainlink 4-hour price analysis

The four-hour price chart shows Chainlink testing the resistance it previously failed to break as support, suggesting preparation for an upcoming rally.

Chainlink’s price has rallied more than 100% in the past week after setting a new lowest point at $13.4 USD. Yesterday, LINK/USD reached its highest point of 27 at the $27 mark after an earlier rally from support at $22.

This price action development in LINK means that the bulls are still in control. There will be more upside later this month. Overnight, LINK/USD retraced and tested the previous $25 resistance as support again. 

Since the price rallied to a new high and then rejected lower prices, we may see a rally over the next 24 hours and it might attempt another significant resistance around $32 in the following weeks. As of this writing, Chainlink is trading at $26.76 against the US dollar. 

Chainlink price analysis
Source: TradingView

Chainlink price analysis conclusion

The price of LINK on our Chainlink price analysis is bullish today as the retracement to $25 previous resistance was seen overnight, and the downside was rejected earlier today. Therefore, we expect LINK/USD to continue moving higher later today and set further weekly highs.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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