Chainlink Price Analysis: LINK moves below $27, ready to set another higher low?
2 min readTL;DR Breakdown
- Chainlink price analysis is bullish for today.
- LINK/USD saw a strong retracement overnight.
- LINK found support around $25.7 overnight.
Chainlink price analysis is bullish for today as a new higher low was established over the last 24 hours as the market rapidly moved back below the $27 mark. Since further downside was not seen, we expect LINK/USD to reverse today and look to set further highs.
The cryptocurrency market traded in the red over the last 24 hours. The market leader, BTC has declined by 3.72 percent, while ETH has lost 5 percent. Dogecoin (DOGE) is among the worst performers, with a loss of 7.7 percent.
Chainlink price movement in the last 24 hours: Chainlink retraces to the $26 mark
LINK/USD traded in a range of $25.74 – $28.72, indicating strong volatility over the last 24 hours. Trading volume has decreased by 6.25 percent and totals $1.53 billion. Meanwhile, the total market capitalization trades around $11.78 billion.
LINK/USD 4-hour chart: LINK set to rally again?
On the 4-hour chart, we can see the Chainlink price action moving sideways over the last hours in preparation for another rally later today.
Chainlink price action has seen strong bullish momentum over the last month. From the previous swing low of $13.4, set on the 20th of July, LINK/USD has rallied more than 125 percent.
The current swing high currently stands at $30.5 and was set on the 16th of August. However, from there, LINK saw a strong retracement to the $25 mark, where another higher low was set.
Since then, the Chainlink price has struggled to set further upside, with a slightly lower high set around the $29 mark over the weekend. This price action development resulted in a spike lower yesterday, with the $26 mark acting as a support this time.
Chainlink Price Analysis: Conclusion
Chainlink price analysis is bullish for today as the market retraced yesterday to the $26 mark, where we are likely to see another higher low set. Therefore, we expect LINK/USD to continue higher later today and try to return back to the $30 major resistance.
While waiting for Chainlink to move further, read our articles on Wrapped BTC, Decentralized Exchanges, as well as NFT Marketplace.
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.
