Chainlink Price Analysis: LINK looking to break previous high, targets $30 next?

TL;DR Breakdown

Chainlink price analysis is bullish today.
LINK/USD saw a substantial advance yesterday.
Bullish momentum has continued today.

Chainlink price analysis is bullish today as the further upside was still being set after a strong rally yesterday. Therefore, we expect LINK/USD to break the previous high and move towards the next significant resistance at $30.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours, with Bitcoin up by 3.6 percent. Ethereum saw an even better performance as it gained 11.4 percent, while Solana (SOL) is the top performer, with 20.5 percent.

Chainlink price movement in the last 24 hours: Chainlink rallies towards previous high at $28.6

LINK/USD traded in a range of $25.93 – $28.57, indicating substantial volatility over the last 24 hours. Trading volume has increased by 23.65 percent and totals $1.15 billion, while the total market cap trades around $13.12 billion, ranking the coin in 17th place overall.

LINK/USD 4-hour chart: LINK to move to $30 next?

On the 4-hour chart, we can see Chainlink price action still gaining ground after a slowdown overnight, indicating a new high thigh will be set today.

LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has struggled to reach further upside over the past weeks. After an initial rally to the $28 mark at the beginning of October, a several-week consolidation followed.

A substantial spike lower was seen on the 12th of October, setting a higher significant swing low before LINK/USD returned to the $28 resistance. After a slight rejection, the $28 mark was briefly broken on the 16th of October, indicating bullish momentum building up.

After a several-day retracement, the $25.5 mark prevented further downside, leading the Chainlink price to set a higher low. Yesterday, bullish momentum resumed after some consolidation above the support. The $28 mark was reached overnight, with LINK/USD continuing higher today.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today as bullish momentum continued over the last 24 hours, leading LINK towards the previous high. Therefore, we expect LINK/USD to set a higher high later today and likely move towards the $30 next resistance. 

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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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