Chainlink price prediction: Chainlink retests $24 after support at $26 fails, reversal soon?
3 min readTable of Contents
TL;DR Breakdown
- LINK supported by the $24 mark.
- Previous support now acts as a resistance at $26.5.
- LINK/USD lost more than 20 percent over the last few days.
Today’s Chainlink price prediction is bullish as the market has found support around the previous major support level at the $24 mark. Therefore, we predict that LINK will start to reverse back to the upside over the weekend.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency market over the last hours is slightly in the green. BTC is up only by 0.9 percent after some downside was seen earlier this week. Good performance is seen for TRX and XRP, which are up by 5 and 6 percent, respectively. The previous best performer, VeChain, is down 0.8 percent as the bears have finally regained control.
Chainlink price prediction: Chainlink retest $24 after support at $26 fails, reversal soon?
LINK/USD opened at $25.53 after a moderate gain yesterday. Earlier this week, we saw a rapid move from the resistance at the $31 mark, which resulted in an overall push lower of around 20 percent. Right now, the Chainlink price rejects further downside and looks to test previous support around the $26.5 mark as a resistance. If the market manages to push above this level, we should see further upside over the weekend.
Chainlink price movement in the last 24 hours
Over the last 24 hours, the LINK/USD price moved in a range of $24.62-$26.63, indicating a decent amount of volatility. Trading volume has decreased by $15.65 percent and totals $1.27 billion, meaning that the market interest has dropped around the current price levels. The market cap still stands strong at $10.7 billion, ranking the cryptocurrency in 11th place overall.
LINK/USD 4-hour chart – LINK finds support around previous support at the $24 mark.
On the 4-hour chart, we can see strong rejection for further downside as soon as the Chainlink price approached the $24 mark. From there on, LINK made a minor correction overnight and tested previous support of $26.5 as a resistance.
LINK/USD 4-hour chart. Source: TradingView
Overall, Chainlink has failed to hold the previously mentioned consolidation around the $27-$31 consolidation zone. After retesting the $31 mark for once more on the 20th of March, the Chainlink price pushed lower.
At first, the market found support around the $29 mark, which served as the middle of the consolidation zone pivoting point. However, LINK/USD couldn’t find support around this level and broke lower. On Wednesday, the bearish Chainlink price momentum paused for some time as the market retested $26.5.
After some consolidation, the bears pushed lower again, and the market dropped another 10 percent in a very volatile and strong impulse to the downside. This move led to the previous major support around the $24 mark tested again, resulting in an overall loss of slightly more than 20 percent over a couple of days.
Right now, Chainlink seems to reject further downside as the market got pushed to retest previous support of $26.5 as a resistance. If this resistance holds, we might see another attempt to move lower over the weekend.
The next support for Chainlink to reach is located at the $21 mark. This could be considered as the last support before the overall market structure starts to look very bearish over the mid-term. Hopefully, we will not see the Chainlink price move lower, and the market will hold the $24 mark once it is retested.
Alternatively, if we see the resistance at $26.5 broken later today, we might see further rebound towards the previous middle-of-the-range support/resistance at $29.
Chainlink Price Prediction: Conclusion
Therefore, the Chainlink price prediction is bullish as the market rejected further downside around the $24 mark yesterday and currently looks to move higher. If the Chainlink price momentum can push through the $26.5, we should see further upside over the weekend.
While waiting for further price action, read our guide on BTC halving, as well as our long-term price prediction on Litecoin. To learn more about another great altcoin, see our IOTA price prediction.
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.
