LINK faces rejection at $29, what next for bullish trend?

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD saw a substantial advance yesterday.
  • Bullish momentum has continued today.

The price of Chainlink is presently trading in the bullish territory, with the further upside still to be set after a strong increase yesterday. As a result, we anticipate LINK/USD to break through its prior high and head toward the next significant barrier at $30.

Chainlink Price Analysis: LINK faces rejection at $29, what next for the bullish trend? 1Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.

Chainlink price movement in the last 24 hours: Chainlink rallies towards previous high at $28.6

In the last 24 hours, LINK/USD traded in a range of $28.3 to $28.98, suggesting little swings in that time period. Trading volume has risen by 23.65 percent and stands at $1.15 billion, putting the coin in 17th place among all cryptocurrencies with a total market capitalization of around $13

LINK/USD 4-hour chart: LINK to move to $30 next?

On the 4-hour chart, we can see Chainlink’s price action continuing to rise after a halt last night, suggesting that today will be a new high.

Chainlink Price Analysis: LINK faces rejection at $29, what next for the bullish trend? 2LINK/USD 4-hour chart. Source: TradingView

Over the previous weeks, Chainlink price action has been unable to continue upwards. After an early rise to $28 in October, a several-week consolidation followed.

On the 12th of October, a substantial downturn occurred, setting a higher significant swing low before LINK/USD returned to $28 resistance. On the 16th of October, after a brief rejection, the $28 mark was briefly broken, indicating increasingly bullish momentum.

After a several-day retreat, the $25.5 mark saved the day, prompting the Chainlink price to establish a higher low. After some consolidation above the support, bullish momentum resumed yesterday evening. The $28 level was razed overnight, with LINK/USD rising today further.

Chainlink Price Analysis: Conclusion 

The price of Chainlink has remained bullish since the beginning of this week, fueled by robust momentum. As a result, we anticipate that today’s high for LINK/USD will be broken soon and that it will move towards $30 next resistance.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

Disclaimer. The information provided is not trading advice. 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.

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