Chainlink price prediction: Chainlink spikes to $33 yesterday, set to move lower today?
3 min readTL;DR Breakdown
- LINK finds resistance at $33.
- Next support at $24.
- Further downside expected over the weekend.
Today’s Chainlink price prediction is bearish as the market peaked at $33 yesterday and currently moves lower once again to establish a higher low. From there, we expect LINK/USD to move higher next week.
The crypto market trades with mixed results over the last 24 hours. BTC remains relatively flat with a small loss of 0.6 percent. Meanwhile, ETH has lost 1.8 percent, with the rest of the altcoin market posting a similar slight loss.
LINK/USD opened at $30.66 today after a bullish close yesterday. LINK/USD retested resistance at the $33 mark, from which bears took over overnight and started pushing the market lower again. Therefore, we should see further downside later today.
Chainlink price movement in the last 24 hours
The LINK/USD price moved in a range of $28.23 – $33.01, indicating a substantial amount of volatility. Trading volume has decreased by 54.5 percent and totals $2.5 billion. Meanwhile, the total market cap trades at 12.8 billion, ranking the cryptocurrency in 14th place overall.
LINK/USD 4-hour chart – LINK looks to set higher low
On the 4-hour chart, we can see the Chainlink price pushing lower over the last few hours
The overall market continued to move lower over the past days after a new all-time high was set at the $53 mark. The Chainlink price has retraced more than 60 percent over the past weeks, with the $21 quickly reversing further downside on the 19th of May.
Since the market moved lower so fast, we expect that the several-week bearish momentum is over, and LINK/USD will only continue moving higher from now on. However, the market still needs to establish a strong base from which to move higher over the next weeks.
Yesterday we saw LINK move higher to test the $33 mark. From there, Chainlink price action reversed overnight and started pushing lower over the past hours. This should lead to further downside over the next 24 hours.
If LINK/USD can set a higher low over the weekend, we expect further attempt to move higher next week. Once a higher local high is set, LINK should start to trade in a bullish price action structure once again and look to set a new all-time high over the following weeks.
Chainlink Price Prediction: Conclusion
Chainlink price prediction is bearish as the market couldn’t continue moving higher overnight, and bears slowly started to push LINK/USD lower once again. Therefore, we expect further downside over the next 24 hours as the market attempts to set another higher low above the $24 mark.
While waiting for further Chainlink price action development, read our guides on Litecoin and ETH mining software. Additionally, learn more about how many BTC are left to mine.
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.
