Chainlink Price Analysis: LINK tests $25 resistance again, breakout to follow today?

TL;DR Breakdown

• Chainlink price analysis is bullish today.
• LINK/USD moved to $25 resistance again yesterday.
• LINK currently consolidates below the $25 resistance.

Chainlink price analysis is bullish today as the market has seen bullish momentum return over the last 24 hours, with another retest of the $25 resistance. Therefore, we expect LINK/USD to move higher later today and finally break higher.

The overall market traded with a strong bullish momentum over the last 24 hours. The market leader, Bitcoin is up by 6.69 percent, while Ethereum has gained more than 12 percent. Meanwhile, Uniswap (UNI) is among the best performers today, with a gain of around 35 percent.

Chainlink price movement in the last 24 hours: Chainlink rallies back to $25 resistance

LINK/USD traded in a range of $22.43 – $25.44, indicating strong volatility over the last 24 hours. The total trading volume has increased by 14.91 percent and totals $1.73 billion, while the total market cap trades around $11.17 billion, ranking the coin in 15th place overall.

LINK/USD 4-hour chart: LINK ready to break past $25? 

On the 4-hour chart, we can see the Chainlink price consolidating below $25 resistance as bulls gather momentum to push higher.

The Chainlink price action traded within a strong bearish momentum over the past weeks. After a new major swing high was set around $36 on the 6th of September, a strong decline followed the next day.

LINK/USD found support above the $25 mark, which currently gets retested as resistance. Following the several-day consolidation, a new swing lower high was set around $32, with the further decline seen on the 16th of September.

This time, support was found above $21, with the following rebound to the upside retesting the $25 mark as a resistance. From there, LINK/USD made another move lower late last week and set a slightly higher low at $22 this time. Yesterday, LINK started to move higher again, resulting in another test of the $25 resistance.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today as bullish momentum has returned over the last 24 hours, and the $25 resistance is tested again. Considering that bears are likely exhausted, we should see LINK/USD break higher and finally set a new higher high.

While waiting for Chainlink to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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: https://api.follow.it/track-rss-story-click/v3/tHfgumto13AyminfioH4ibkdRKkm2PJP