The mainnet launch of the ChainLink (LINK) token was just days away when the token was suddenly delisted from Bittrex, driving the price from $20.00 to $22.50 overnight. As of press time, the price of LINK has dropped back to $18.50, which is still a healthy increase from the $10.50 price of the token at the start of the month. Regardless of the price drops, the token has still managed to climb almost 13% in just three days.

After a relatively strong start to the year, the price of LINK has been in a downward trend ever since. The 4-hour chart shows that the price remains stuck within a very narrow range, as it has been trading between the price of $22.0 and $23.4 since February 4th at $23.2.

Link/Chainlink Price Analysis: LINK rallies to $22.5 overnight, set for a slow retracement later today? LINK, the decentralized oracle protocol, is gaining some support after rallying to a new high of $22.5 overnight. The price is currently attempting to break above a key resistance level at $22.0 and is expected to find support at the previous support level at $20.0. This is a strong sign of bullish momentum and is expected to lead to a slow recovery later today.. Read more about chainlink price prediction 2030 and let us know what you think.

TL;DR Summary

  • Yesterday, LINK rose to $22.5.
  • Earlier today, Chainlink slid sideways.
  • Another retracement is expected in the market.

Further upside was denied yesterday following a robust rise beyond the previous monthly high of $21, indicating negative momentum for the next 24 hours, according to Chainlink price research.

Chainlink Price Analysis: LINK rallies to $22.5 overnight, set for a slow retracement later today? 1Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the cryptocurrency market has had a strong positive trend. Ethereum is up 5.24 percent, while Bitcoin is up 6.67 percent. Meanwhile, with a rise of 7.73 percent, Binance Coin (BNB) is one among the top performers. 

Over the past 24 hours, LINK/USD has traded in a range of $20.99 to $22.65, showing moderate volatility. The entire market value of the cryptocurrency is approximately $9.68 billion, putting it in 14th position worldwide. Trading volume has risen by 52.58 percent to $1.6 billion.

On the 4-hour chart, the Chainlink price has rejected additional higher in the past 24 hours, indicating a pullback is on the way.

Chainlink Price Analysis: LINK rallies to $22.5 overnight, set to retrace later today?4-hour chart of LINK/USD. TradingView is the source of this information.

Over the past week, Chainlink’s price movement has been dominated by a strong bullish trend. Following a somewhat higher swing bottom around the $13.5 level, the LINK/USD pair surged more than 60% to the $22.5 mark yesterday.

 Overnight, LINK/USD refused additional gains and began to steadily retreat from the $22.5 level. The Chainlink price has already fallen below the $22 barrier level, indicating that further decline is probable.

Overall, this price action development suggests that negative momentum will take control in the next days. The LINK/USD pair is expected to retrace and retest the prior resistance level of $22 as a support level. Next month, we may see another push higher from there.

After a big rise yesterday, additional upside was denied early today, indicating that negative momentum would follow in the coming days. As a result, we anticipate LINK/USD to retrace to $20 and attempt to make another higher low. 

While you’re waiting for Chainlink to retrace, check out our articles on DeFi benefits, Bitcoin fees, and Satoshi Nakamoto.

Disclaimer: The material on this website is not intended to be trading advice, assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

The driving force behind the LINK price upswing this morning was a relatively strong exchange rate. The market is currently driven by speculators and excitement over the recent announcement of Chainlink’s partnership with a major financial institution. In a recent blog post, we discussed how LINK’s recent $4.5M funding round could allow it to move to the next phase of its development.. Read more about polkadot vs chainlink price prediction and let us know what you think.

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