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TL;DR Breakdown
Today’s Chainlink price prediction is bullish as the market set a new all-time high at $27 and rejected further downside overnight.
Overall, crypto markets are bullish as of now. Market leader, Bitcoin is up by almost 5 percent, while Ethereum by 2. From the top Altcoin, the best performance is seen for Binance Coin, which is up by more than 20 percent. The previous leader in volatility- Ripple – continues to consolidate as it likely prepares for further upside.
As mentioned in our previous Chainlink price prediction, LINK did move above the $25 level earlier this week. This resulted in a new all-time high at $27. From there on, Chainlink did reverse and tried to reach support found around $24. Chainlink rejected further downside around $24.5-$25 area and currently looks to move higher. Likely we will see a new all-time high set by the end of the week.
Chainlink has moved with a range of $24.47 – $26.90, with a volume of almost $4 billion. After Chainlink made a push lower overnight, the price made clear rejection for further downside. During the past hours, Chainlink has started to move higher once again, indicating that we should see further all-time highs set soon.
Looking at the 4-hour chart of Chainlink, a clear bullish market structure has continuously been made over the past weeks. Higher highs followed several higher lows until the end of January.
However, Chainlink retraced to the $20 mark at the end of January but failed to set higher highs later. This resulted in a clear resistance area formed around the $24 mark. After several attempts to move higher, Chainlink did move above the $24 mark on the 3rd of February. This led to a retest towards the previous all-time high of $25.5.
After Chainlink tested the $25.5 mark once again, a rejection was seen, resulting in another retracement towards $24 support. LINK found additional support at the 50 period moving averages mark. From there on, Chainlink quickly moved higher and set a new all-time high.
A similar move will likely play out later today. Chainlink has already indicated a rejection for further downside and build momentum for another move to the upside.
Therefore, the analyst expects Chainlink to move to at least the $28 mark. A long position right now would provide adequate risk/reward trade setup.
Alternatively, if Chainlink fails to move higher and reverses once again, we could see a much larger market structure breakout. The first sign of upcoming medium-term reversal for Chainlink would be a clear break below the $24 mark, as this where the current local swing low is located. From there on, the 100 period moving average could hold Chainlink in place as the last support.
Overall, however, the analyst believes Chainlink will move higher today as no signs of bearishness are seen as of now.
Chainlink price prediction for today is bullish. We should see further highs for Chainlink later today since an attempt to move lower towards the $24-$25 area was quickly rejected. First target to the upside can be seen at the $28 mark. However, if the current increasingly bullish momentum continues, Chainlink could move all-the-way towards the psychologically important $30 mark. Therefore, a long position could be made right now with a good risk/reward ratio trade setup.
For further reading, see our long-term Bitcoin price forecast or the latest opinion on why Bitcoin is better than Gold.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.
Source: Crypto Politan
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