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.
- 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.
Heat 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.
The price of Chainlink has changed in the past 24 hours: Around $22, Chainlink refuses additional upward.
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.
4-hour chart of LINK/USD: Is LINK about to retrace?
On the 4-hour chart, the Chainlink price has rejected additional higher in the past 24 hours, indicating a pullback is on the way.
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.
Conclusion of the Chainlink Price Analysis
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, and.com 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.
This article broadly covered the following related topics:
- chainlink price prediction 2030
- chainlink price prediction tomorrow
- can chainlink reach 10 000
- chainlink price prediction in pounds
- chainlink halving