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Chainlink Price Analysis: LINK/USD set to break past $30 soon

Analytics

www.cryptopolitan.com 18 January 2022 14:05, UTC
  
Reading time: ~3 m

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

The Chainlink price forecast is bright right now because we anticipate the $26 local resistance to be broken soon after a clear higher low was established around $25 overnight. The LINK/USD pair has risen recently, suggesting that more upside may be achieved today.

The higher low encourages this bullish momentum as yesterday’s price action placed the condition in place. The downtrend line connecting the high of $48 was broken, visible around 12 hours ago.

If the bulls can hold the $26 mark, other bullish movements will be possible. The next objective could be the 100-hour moving average at around $30, or possibly higher if prices clear that barrier quickly enough.

The most bullish thing about the LINK/USD is trading inside a narrow ascending channel. The pattern will remain intact if resistance at $26 can be held in place.

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

This morning, we may see a resurgence of bullish momentum on the hourly chart, pushing the price back toward $26 local resistance. However, this area could still be a stay-put since we anticipate a breakout at that level soon, just like it did yesterday.

At the moment, there is not much on this hourly chart to suggest that if LINK/USD can continue to hold around $25.50 today, we will see a spike at some point during the day.

However, for now, we recommend patience and having some on hand as price action plays out overnight and into the morning hours.

So far, things are looking good, as you can see from today’s 4-hour chart; however, we may still be testing resistance before it breaks down according to our earlier targets. The triangle pattern on the one hour shows us a gradual increase in bearish momentum after a move higher against the stated resistance point of $26 local level. A breakout should follow this to the downside.

It is unclear how things will play out; however, we can see that price action should reach at least $29. Here investors could then observe resistance or another downward move.

Establishing other sources of upwards momentum before reaching $30 is possible, which means there may still be room for more upside movement.

LINK/USD 4-hour chart. Source: TradingView

Price action has reached this level overnight and confirmed its support as it has not fallen anymore since this morning’s daily chart update was published. Currently, LINK / USD is trading between $25.3 – $25 – $26 areas without any major movements being displayed.

At this point, the only thing that could cause the bullish momentum to falter is if prices fall below $25.5. The hourly trendline support should hold its ground in this location.

Suppose you are considering buying LINK/USD. In that case, it may make more sense to wait for an upward breakout before entering your position instead of buying underneath the $25.50 price level because there is no significant support underneath the currency pair there. Another reason not to short LINK right now is that volatility has just spiked up, and a clear momentum shift has not been confirmed yet.

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. 

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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