Chainlink price analysis: LINK spikes above $20, targets $22 next?

TL;DR Breakdown

  • LINK started moving higher yesterday.
  • $20 mark was broken overnight.
  • Bulls target $22 resistance next.

Chainlink price analysis is bullish today as the market gained momentum yesterday after setting a slightly lower high and spiked above the $20 resistance overnight. Therefore, we expect further upside over the next 24 hours, with the $22 mark targeted next.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin has increased by 2.2 percent, while Ethereum around 3.7 percent. Polkadot has increased by 8.2 percent and is among the best performers right now.

Chainlink price movement in the last 24 hours

LINK/USD traded in a range of $19.22 – $21.23, indicating a moderate amount of volatility. Trading volume has spiked by 39.4 percent and totals $1.24 billion. The total market cap trades around $9.1 billion, ranking the cryptocurrency in 15th place overall.

LINK/USD 4-hour chart – LINK continues moving towards $22

On the 4-hour chart, we can see the Chainlink price action rapidly moving towards $22 resistance.

Chainlink price analysis: LINK spikes above $20, targets $22 next?
LINK/USD 4-hour chart. Source: TradingView

The overall price action structure is still bearish as the market has retraced by more than 55 percent until support was found around the $15 mark. ETH/USD started forming a base from which to move higher with higher local highs and lows set.

Yesterday, LINK/USD established a higher low again along the several-day ascending support trendline, and a spike above the $20 resistance was seen overnight. Since then, the Chainlink price continued to move higher towards the next resistance, around $22.

Once the $22 resistance is reached, we can expect LINK/USD to reverse again and establish another higher low. From there, LINK will likely see a lot more upside over the rest of the month as bulls aim to shift the overall price action momentum back towards the upside.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis indicates bullish momentum later today as the market established a higher low earlier this week and started pushing towards the $22 mark yesterday. Overnight, LINK/USD broke the previous high around $20 and continues moving higher as of now.

While waiting for Chainlink to reach the $22 resistance, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin

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