Chainlink Price Analysis: LINK swiftly recovers back above $26, another lower high to be set today?

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TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD set lower low above $25 yesterday.
  • Recovery above the previous low seen this morning.

Chainlink price analysis is bullish today as we expect further recovery after a slightly lower low set yesterday above the $25 mark. Therefore, LINK/USD should see more upside today, with the 28 mark as the next resistance.

Chainlink Price Analysis: LINK swiftly recovers back above $26, another lower high to be set today? 1
Cryptocurrency heat map. Source: Coin360

The market overall saw bullish momentum return over the last 24 hours as sellers are exhausted. Bitcoin gained 2.72 percent, while Ethereum 2.18 percent. Meanwhile, Avalanche (AVAX) is among the top performers, with a gain of over 11 percent.

Chainlink price movement in the last 24 hours: Chainlink sets lower low at $25, starts the day bullish

LINK/USD traded in a range of $25.20 – $26.79, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 20 percent, totaling $949.7 billion, while the total market cap trades around $12.49 billion, ranking the coin in 19th place overall.

LINK/USD 4-hour chart: LINK to set lower high today?

On the 4-hour chart, we can see the Chainlink price rapidly retracing yesterdays loss as another lower high should be set today.

Chainlink Price Analysis: LINK recovers back above $26, another lower high to be set today?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price has seen strong bearish momentum since a new major swing high was set at $38 on the 10th of November. After an initial drop to $33, a consolidation followed until the middle of the month, when another spike lower was seen.

Support was initially reached at $28, with further push lower following on the 18th of November, taking LINK/USD to $26. After a slight recovery over the weekend, sellers took over again on Monday, slowly pushing the market lower until the $26 mark was tested again yesterday.

The Chainlink price could not hold for long, breaking below the support and establishing a new lower low above $25. Since then, LINK/USD has seen a quick recovery above $26, with further upside likely to be tested later today.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish today as we currently see strong retracement looking to set another higher low. Therefore, LINK/USD should see further upside later today as the market has not yet peaked.

While waiting for Chainlink to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.