LINK/USD bullish for the next 24 hours

TL;DR Breakdown

  • Chainlink price analysis is bullish today.
  • LINK/USD is presently at $25.6.
  • LINK will spike higher today.

The Chainlink price analysis is bullish right now since we anticipate the $26 local resistance to be broken soon after a clear higher low was established around $25 overnight. Since then, the LINK/USD pair has begun to rise, implying that more upside may be tested today.

A higher low fuels this bullish momentum as yesterday’s price action set that element in place. The downtrend line from the high at $48 has been broken and was seen around 12 hours ago.

Buying pressure has returned overnight, with prices moving above $26 soon after 01:00 UTC this morning. This technical resistance level is key to any break out of its current bearish trend, and therefore, we anticipate the $26 area to be tested soon enough.

A break above $26 will encourage further bullish action, and the next target could be the 100-hour moving average at around $30 or even higher if prices clear that hurdle soon enough.

On the downside, a return toward $25 still looks likely since our bullish case is not yet complete. Should the LINK/USD pair trade below $25, we could see a return toward the long-term bearish trend line in play from the high at around $20.

LINK/USD 4-hour chart: LINK begins to rally again?

On the hourly chart, we may observe a resurgence of bullish momentum this morning, which is pushing the price back toward $26 local resistance. However, this area may still hold as we expect a breakout around that level to occur shortly like it did yesterday.

Chainlink Price Analysis: LINK/USD bullish for the next 24 hours 1
LINK/USD 4-hour chart. Source: TradingView

We anticipate higher prices; an entry towards $28 and even $30 is not out of the question. The local resistance at $26 will require a convincing break to open up further buying pressure and more upside momentum for LINK/USD.

The next important resistance for LINK/USD lies around $33, where the 200-day moving average is currently located. This will be an obstacle for LINK/USD that can potentially be broken if this bullish momentum remains in motion.

A move above that level could finally see LINK/USD test the psychological $50 area again in the coming days and possibly even weeks. On the flip side, a break below $25 will probably lead to more downside for LINK/USD.

The RSI is also looking favorably on further gains for LINK/USD, currently traded above 50. This also adds to the bullish case for LINK/USD as it could pave the way for more upside over the coming session.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today. The LINK/USD set a higher low at $25 yesterday. Buying pressure returned overnight, and the price is now hovering around the local resistance at $26, as we expected. A break above will see it make a run for $28 and even beyond, according to our bullish bias. 

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