Chainlink price analysis: LINK established a higher low, slowly prepares to reach $22 next?

TL;DR Breakdown

  • LINK moved higher overnight.
  • Higher low set around $18.
  • Next target at $22.

Chainlink price analysis is bullish for today as the market established a higher low yesterday, and bulls currently start pushing the market higher. Therefore, LINK/USD should move towards the next resistance at $22 over the next few days.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin has increased by 3.6 percent, while Ethereum almost 8 percent. Meanwhile, the rest of the crypto market trades with similar gains.

Chainlink price movement in the last 24 hours

LINK/USD traded in a range of $17.55 – $18.79, indicating a moderate amount of volatility. Trading volume has decreased by 26 percent and totals $537.8 billion. The total market capitalization stands around $8.1 billion, resulting in a market rank of 15th place.

LINK/USD 4-hour chart – LINK prepares to move higher again?

On the 4-hour chart, we can see the Chainlink price establishing a higher low and starting to edge higher again.

Chainlink price analysis: LINK established a higher low, slowly prepares to reach $22 next?
LINK/USD 4-hour chart. Source: TradingView

The overall market trades in a bearish momentum over the past weeks. After a higher high was set around $35, LINK/USD retraced by more than 55 percent until the $15 significant support. 

This means that LINK/USD is currently in a decision area. If we see further upside above the $26 mark, the overall market structure will start to turn bullish again. Alternatively, we expect LINK to move lower and break below the $15 mark next.

Over the past week, bulls pushed the Chainlink price higher, and a local high thigh and low was set, indicating momentum forming. Yesterday, LINK retraced and set a higher low around the $17 mark. From there, a base was formed overnight from which to push higher over the following days. This price action development should lead LINK/USD to the $22 mark next, however, it still does not mean that the overall price action momentum has shifted.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish for today as a lower high has been established overnight, and the market prepares for another push higher. Therefore, we expect LINK/USD to breach the $20.5 previous high next and test the next resistance at $22.

While waiting for Chainlink to move higher, read our guides on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

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.