Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse

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  • LINK trades close to support at $29.
  • Next resistance at $32.
  • Minor support for Chainlink is located around the $30 mark.

Today’s Chainlink price prediction is bullish as the market rejects further downside and has printed a 4-hour bullish pin-bar, indicating an upcoming reversal.

Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse 1
Cryptocurrency heat map. Source: Coin360

The overall market is in the red today, however, does start to slowly climb back, indicating that we might see more upside soon. Market leader trades with a small gain of 0.5 percent, while the remainder of top altcoins such as Ethereum and Cardano are in the red around 2-4 percent.

Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse

LINK/USD opened at $29.89 today after a strong bearish move yesterday that retraced much of the gains seen last week when the market moved from the low of $26 to the local higher high of $32. Currently, Chainlink price rejects further downside and forms a bullish pin bar on the 4-hour chart. Therefore, we expect further upside for LINK over the next 24 hours.

Chainlink price movement in the last 24 hours

Chainlink’s price has moved in a relatively moderate range of $28.73 – $30.54. Trading volume has seen a small increase of 1.54 percent and totals $1.5 billion. Chainlink’s market cap of $12.1 billion still places it in the 10th position for total market cap out of all cryptocurrencies.

LINK/USD 4-hour chart – Chainlink ready to reverse?

On the 4-hour chart, we can see Chainlink’s price rejecting further downside and consolidating around $29 support. Therefore, we expect the market to push higher soon.

Chainlink price prediction: Chainlink rejects further downside at $29, looks to reverse 2
LINK/USD 4-hour chart. Source: TradingView

Overall, the market has shown signals of medium-term trend reversal after LINK retraced from the all-time high of just under $37 at the end of February and lost 41 percent of the low of $21.

After a strong bounce-back towards the $29 mark, Chainlink price attempted to move lower several times, however, it was stopped by the support around $23-$24. From there on, a clear higher high was set around $32 at the beginning of March. Followed by a retracement that set a higher low, Chainlink then pushed higher once again last week and set another high at the $32 mark.

After briefly consolidating around $32, LINK did start to retrace again. Right now, the retracement has been stopped by the support around $29. Therefore, Chainlink is likely to reverse soon as a further downside is rejected. A bullish 4-hour pin bar has already been set by LINK/USD, indicating that the market is likely ready to push higher soon.

The next target for Chainlink is located around the local high of $32. If it is broken in a clear way, we could see the market gain momentum and look to retest the $35-$36 area of major resistance next. This would mean a move of around 19-21 percent from the current price, meaning a good trade setup in terms of risk/reward.

Alternatively, if Chainlink fails to hold ground around $29, we are likely to see further downside. The next major support is located as far as the $26 previous swing low. If it is reached, the Chainlink price will turn very bearish once again, and we could see further downside over the following weeks.

Chainlink Price Prediction: Conclusion 

Chainlink price prediction is bullish as a further downside is rejected as of now. A bullish 4-hour pin bar at the support indicates a clear signal that LINK/USD is ready to reverse. Therefore, we are likely to see Chainlink move towards the previous swing high of $32 over the following days. If the high is broken with strong momentum, Chainlink should push higher towards the next resistance, around $36.

While waiting for further price action development, see our Holochain and Monero long-term price prediction for the upcoming years.

Source: cryptopolitan.com

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