Summary of the situation

  • LINC is supported by a support zone of $33-35.
  • The nearest resistance is $40.
  • The next resistance is at $44.

Today, the price outlook for Chainlink is bullish, as downside potential has been repeatedly rejected over the past few hours. So the price action on the LINK suggests that we will see upside potential later this week, when the bulls will try to regain control of the market.

Heatmap for crypto-currencies. Source : coin360

Chainlink price prediction: Chainlink fails to move below $33, prepares for a reversal?

The crypto market as a whole has been bearish for the past 24 hours. Market leader Bitcoin is down 4%, while Ethereum is trading at a loss of about 5.8%. Kogecoin is an exception as it is up 10%.

LINK/USD opened at $35.8 after huge volatility yesterday as bulls tried to make up some of their losses; however, shortly after, it dropped, leading to another jump to $33. The LINK/USD has rejected a new downtrend in recent hours, suggesting that we will see an upward move today, with resistance at $40 as the next target.

LINK has been trading in a range of $33.39 to $40.01, indicating a lot of volatility over the past 24 hours. Trading volume fell 7% to $3.46 billion. At the same time, the total market size is about $14.6 billion, making cryptocurrencies the 13th largest.

On the 4-hour chart, we see that the LINK is starting to move up, after another bearish trend was rejected earlier today.

LINK/USD 4 hour chart. Source: TradingView

Chainlink price prediction: Chainlink fails to move below $33, prepares for a reversal?

Chainlink is up nearly 85% in the last few weeks after the announcement on the 24th. March had found support at $24. After weeks of slow up and down moves, LINK climbed higher on the 14th. April significantly higher. Shortly after, Chainlink reached a new high of $44.37.

After some consolidation, LINK/USD recovered and retested resistance at $44. A new uptrend was rejected and the market slowly began to fall again. The previous support at $40 was quickly broken, leading to a strong rebound to the $33 level.

From that point, the market underwent a sharp upward correction to the $42 level. After reaching a lower high, the bears quickly regained control and LINK began a new move down yesterday. Another rise to $33 – this time with a low of $32, indicating a general bearish price structure.

Chainlink’s stock price has rejected another downtrend in recent hours, meaning a reversal is imminent. The next resistance is seen at $40, where the market previously consolidated for several days. So this could be the target where the next lower peak is located. Moreover, if LINK manages to make a lower low this week, we can expect further rises later in the month. It is therefore better at this stage to wait and see how Chainlink’s share price evolves. Once a higher bottom is reached, a long position can be opened with the hope that LINK/USD will make new highs by the end of the month.

The price outlook for Chainlink is bullish, with bulls slowly reversing the previously seen bearish momentum. Further attempts to break below the $33 support level have failed, suggesting we should see a push higher in the next 24 hours. Consequently, we expect Chainlink to resume its multi-week uptrend later this week and reach a new all-time high by the end of the month.

In anticipation of further price action from Chainlink, check out our long-term price forecasts for Stellar, Polkadot and Cardano.

Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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