Chainlink price analysis: LINK/USD set to surge to $30 in the next 24 hours

TL;DR Breakdown

• The BoP indicator is lying on the optimistic implying bulls have significant strength
• Yesterday LINK/USD traded in a bullish trend. 
• We anticipate LINK/USD to climb higher later tonight and aim to reclaim $30.

Chainlink price analysis: General price overview

Yesterday LINK/USD traded in a bullish trend. However, the coin traded in a strong bear trend towards the closure of yesterday’s Chainlink price analysis. This bearish trend was corrected when the daily price analysis chart set in pushing the prices upward, forming head and shoulder trends to the intraday highs at $29, where it faced strong resistance from the sellers, making the price drop slightly.

The price analysis for Chainlink is favorable today, as the market has experienced a strong rise over the past 24 hours following a substantial drop last week. As a result, we anticipate LINK/USD to climb higher later tonight and aim to reclaim $30.

Over the last 24 hours, the cryptocurrency market has been dominated by strong bullish momentum.

Source: Coin360

The largest digital asset, Bitcoin (BTC), has seen a 1 percent price increase over the last 24 hours. Ethereum is up by 0.03 percent. ETH market seems to be in the hands of the bears as the coin is trading in a slightly bearish trend. The majority of the altcoins are trading on a bullish trend, causing prices to trade positively, with XTZ recording the highest gains of the day. Despite most of the coins trading positive momentum, some are struggling to overturn the bearish trend. LYK tops the list of 50 losers, trading at $0.7, a 60 percent drop in the last 24 hours.

LINK/USD price movement in the last 24 hours: High volatie market

On the daily price analysis chart, the coin has been trading in a slightly bullish trend causing the prices to hike to the intraday high, and then sellers caused the price to drop and rise again, forming a trough-like trend.

The price of LINK/USD fluctuates within a range of $27 to $29 throughout the day, suggesting significant price swings in recent hours. Trading volume has decreased by 35.18 percent and stands at about $2 billion. Meanwhile, the overall market cap is valued at around $13.1 billion, putting the cryptocurrency in 12th position among all available cryptocurrencies. The coin dominance is 0.61 percent.

Chainlink four-hour price analysis chart: Bullish signal

At th time of writing, the sellers seem to have invaded the market making the LINK/USD trades at $28.6. The BoP indicator is lying on the positive side, suggesting that the bulls are getting momentum, and Maybe in the next trading session, the LINK/USD pair might see upward momentum. 

Chainlink price analysis: Conclusion

Moving average convergence divergence (MACD) shows possibilities of a bullish market setting anytime soon as the blue line signals crossing over the red line. If the buyers storm the market, they will create significant support to help LINK/USD reach $30 in the next 24 hours.

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.

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