Chainlink Price Analysis: LINK retests $25 as support, prepares for another rally?
2 min readTL;DR Breakdown
- LINK set a higher high around $27.
- LINK/USD retraced overnight to retest $25 as support.
- Market ready for another push higher today.
Chainlink price analysis is bullish for today as retracement back to the $25 support was seen overnight after setting another higher high yesterday. Therefore, we expect LINK/USD to continue moving higher later today and continue moving towards the next major resistance at $33.
The cryptocurrency market traded in the red over the last 24 hours as bears took over the market momentum overnight. Market leader, BTC has lost 2 percent, while ETH is down by 2.3 percent. Ripple (XRP) is among the best performers, with a gain of 12.8 percent.
Chainlink price movement in the last 24 hours: Chainlink retraces back to $25 previous resistance
LINK/USD traded in a range of $24.98 – $27.32, indicating a good amount of volatility over the last 24 hours. Trading volume has increased by 6 percent and totals $1.445 billion, while the total market capitalization trades around $11.4 billion, resulting in a market rank of 14th place.
LINK/USD 4-hour chart: LINK ready to push higher?
On the 4-hour chart, we can see the Chainlink price retesting previous resistance as support in preparation for another rally later today.
Chainlink price action has rallied by more than 100 percent over the past weeks after a new swing low was set around $13.4. Yesterday, LINK/USD reached the $27 mark after another several-day rally from the $22 support.
This price action development indicates that bulls are still in control, and we can expect further upside later this month. Overnight, LINK/USD retraced once again and retested the $25 previous resistance as support.
Since another higher high was set and the further downside was rejected earlier today, we can expect the Chainklink price to rally again over the next 24 hours and try to reach the next significant resistance around $33 over the following weeks.
Chainlink Price Analysis: Conclusion
Chainlink price analysis is bullish today as retracement to the $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.
While waiting for Litecoin to move further, read our articles on BTC Futures, Physical BTC, as well as Proof of Stake vs Proof of Work.
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