Today’s Chainlink price prediction is bullish as the market refuses to move downwards and a 4-hour bullish bar emerges indicating an impending reversal.
Today the general market is in red, but is slowly starting to rebound. This indicates that we may see more spikes soon. Market leader Bitcoin is trading with a small 0.5 percent gain, while the rest of the top altcoins like Ethereum and Cardano are around 2-4 percent red.
$ 26-32 levels are critical for Chainlink
LINK / USD opened today at $ 29.89 after yesterday’s strong bearish move, and retracted most of the gains seen when the market rose from the $ 26 low to $ 32 last week. Currently, Chainlink price refuses to fall further and is in an upward trend on the 4-hour chart. Therefore, we expect further increases for LINK in the next 24 hours.
Chainlink price moved in a relatively moderate range of $ 28.73 – $ 30.54. The trade volume saw a small increase of 1.54 percent and totaled $ 1.5 billion. Chainlink’s market cap of $ 12.1 billion places it in the 10th place among all cryptocurrencies.
On the 4-hour chart, we can see that the Chainlink price refuses to drop further and consolidates support at around $ 29. Therefore, the market is likely to rise soon.
Overall, after LINK bounced back from an all-time high of just under $ 37 at the end of February and lost 41 percent of the $ 21 low, the market signaled a reversal of the mid-term trend.
After a strong return towards $ 29, Chainlink price moved lower several times but was stopped by support around $ 23-24. Since then, a clearly high peak was set at around $ 32 at the beginning of March. Following a pullback that led to a steeper decline, Chainlink rose once again last week and made another increase to the $ 32 level.
LINK started looking for direction again after consolidating briefly at around $ 32. Currently, the pullback has been halted by support around $ 29. Therefore, Chainlink is likely to reverse as soon as it rejects another drop. A 4-hour bullish trend has been determined by LINK / USD, indicating that the market is ready to rise soon.
The next target for Chainlink is located around the $ 32 local peak. If it breaks clearly, we can see the market gain momentum and retest the major resistance area of $ 35-36. This means a move around 19-21 percent from the current price, which could be a good trade setup in terms of risk / reward.
Alternatively, if Chainlink fails to hold the floor around $ 29, we’ll likely see more dips. The next major support is the previous low of $ 26. If this is reached, the Chainlink price could drop once again and we could get even worse in the coming weeks.