Chainlink price prediction: Chainlink retraces to $33, reversal next week?

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2080
  • LINK finds support at $33.
  • Closest resistance at $35.
  • Next resistance at $37.

Today’s Chainlink price prediction is bullish as the market rejected further downside around $33 earlier today and retested it once again over the past hours. Therefore, we expect LINK/USD to move towards the next resistance at $37 over the remaining day. 

Chainlink price prediction: Chainlink retraces to $33, reversal next week? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market has traded in the red for the past 24 hours. After strong bearish momentum overnight, the market leader – Bitcoin, lost 10 percent, while Ethereum is down by 12 percent. The rest of the top altcoins follow this trend with similar negative results.

Chainlink price prediction: Chainlink retraces to $33, reversal next week?

LINK/USD opened at $39.93 after bearish momentum yesterday. Overnight the Chainlink price action spiked lower until support was found at the $33 mark. After a move to $37 resistance, the market reversed again and made a retest of the $33 support. Since no further downside was seen, we can expect the market to rally further over the next 24 hours.

Chainlink price movement in the last 24 hours

The LINK/USD price moved in a range of $30.28 – $42.47, indicating severe volatility. 24 trading volume has increased by 32.43 percent and totals $3.55 billion. Meanwhile, the total market cap stands at $14.55 billion, ranking the cryptocurrency in 12th place overall.

LINK/USD 4-hour chart – LINK rejects further downside at $33 and prepares to move higher

On the 4-hour chart, rejection for further downside is currently seen after another retest of the $33 support level was made over the past hours. The next price target for LINK is seen at $37, which should be reached by the end of today.

Chainlink price prediction: Chainlink retraces to $33, reversal next week?
LINK/USD 4-hour chart. Source: TradingView

Overall, Chainlink has performed well over the past weeks as the market increased by 85 percent after finding support around $24 and setting several higher highs and lows until a new all-time high at the $44 mark was set. However, after retesting the all-time high early Yesterday, the market started pushing lower.

Most of the loss was seen overnight as the previous support levels at $40, and $37 were broken without any hesitation. Support was found at the $33 mark, where bulls quickly took over control and pushed the market towards the $37 level. After some consolidation, another push lower was made, and the $33 was retested, effectively setting a double bottom pattern.

Therefore, we can expect Chainlink price momentum to shift back to the upside and move higher over the next few days. The $37 resistance will likely be retested later today and from there on, much depends on whether bulls can keep the momentum going. If The $37 resistance is broken, we can expect LINK to move much higher and retest the previous major support at $40 as a resistance. 

Alternatively, if the $37 still holds, we will likely see a consolidation early next week as a further base from which to move higher is formed. Overall, as long as the previous consolidation above the $31 mark is not broken, we remain bullish for the medium-term bullish trend.

Chainlink Price Prediction: Conclusion 

Chainlink price prediction is bullish as another retest of the $33 support was made over the past hours. Therefore, we can expect LINK/USD to move higher over the next hours, with the next price target located at the $37 mark.

While waiting for further Chainlink price action development, see our guide on free Ethereum. To learn more about other great altcoins, see our long-term price prediction on Stellar and Polkadot.  

Source: cryptopolitan.com

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