LINK tests $32 as resistance, reversal to follow?

29 m

Reading time: ~2 m

  • Chainlink price analysis is bearish today.
  • LINK/USD set higher low yesterday.
  • Bullish momentum is exhausted.

Chainlink price analysis is bearish today as the market has slowed down after reaching the $32 resistance. Therefore, we expect LINK/USD to reverse again and set another higher low.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin lost 0.61 percent, while Ethereum gained 0.9 percent. Meanwhile, Polkadot (DOT) is among the top performers, with a gain of over 12 percent.

Chainlink price movement in the last 24 hours: Chainlink rallies back to the $32 resistance

LINK/USD traded in a range of $30.09 – $31.87, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 24.44 percent and totals $1 billion, while the total market cap trades around 14.4 billion, ranking the coin in 14th place overall.

LINK/USD 4-hour chart: LINK to reverse from $32?

On the 4-hour chart, we can see Chainlink price action showing signs of exhaustion below the resistance, indicating another retracement will follow.

LINK/USD 4-hour chart. Source: TradingView

Chainlink price action saw strong bullish momentum over October. From the previous major swing low at $21, LINK/USD moved to $34 on the 26th of October.

However, from there, a strong retracement followed, pushing LINK to $28 previous resistance turned support. LINK/USD attempted to recover at the end of last week, peaking at $32.

Another retracement lower followed, setting a higher high at $29. Yesterday, another push higher resulted in the $32 previous high tested. For now, the market seems to be exhausted,  likely leading to another retracement later today.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish today as bulls could not breach the $32 mark after a strong rally yesterday. Therefore, we expect LINK/USD to retrace in an attempt to set another higher low.

While waiting for Chainlink to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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.

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