Chainlink Price Analysis: LINK sets higher low at $25, ready to break higher?

0
62

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD set a higher low at $25 yesterday.
  • Buying pressure returned overnight.

Chainlink price analysis is bullish today as we expect the $26 local resistance to be broken soon after a clear higher low was set around $25 overnight. Since then, LINK/USD has started to push higher, likely leading to more upside tested today.

Chainlink Price Analysis: LINK sets higher low at $25, ready to break higher? 3
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 0.06 and 0.22 percent, respectively. Meanwhile, Chainlink (LINK) has seen an advance of almost 2 percent.

Chainlink price movement in the last 24 hours: Chainlink retraces to $25, sets higher low

LINK/USD traded in a range of $24.88 – $26.01, indicating mild volatility over the last 24 hours. Trading volume has declined by 28.25 percent, totaling $903 million, while the total market cap trades around $12 billion, ranking the coin in 16th place overall.

LINK/USD 4-hour chart: LINK begins to rally again?

On the 4-hour chart, we can see bullish momentum returning this morning, leading back to $26 local resistance.

Chainlink Price Analysis: LINK sets higher low at $25, ready to break higher?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has seen retracement over the past week lead to the $24 mark. After previously setting a new swing high at $28.65 and retesting it, LINK/USD lost over 16 percent until the 14th of January.

There support was found, leading to reaction higher, with resistance reached at $26. The following continuation lower set higher low, indicating reversal forming.

Overnight, the Chainlink price action resumed moving higher, with the $26 previous resistance currently tested again. Likely we will see bulls break higher, which would further strengthen the current market structure.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today as we have seen another local high set overnight. Since then, LINK/USD has pushed significantly higher and currently looks to break above $26 resistance.

While waiting for Chainlink to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.