Chainlink Price Prediction: LINK/USD to spike to $28 over the weekend

Summary

• Chainlink price prediction is slightly bearish today.
• LINK/USD is currently trading at $26.2
• LINK is set to surge.

Chainlink price prediction: General price overview

Chainlink is trading in a mixed reaction trend, as a solid base from which to advance higher has been established throughout the previous days. We anticipate that LINK/USD will break higher within the next 24 hours as the trading range narrows further.

The LINK/USD pair has been consolidating between three fundamental levels. LINK is currently trading just below $27, which is serving as a strong resistance level. LINK/USD has been slightly retreating since our last update, but volume remains consistent with bullish momentum building up for a vigorous advance higher.

As LINK/USD continues to consolidate, there are multiple levels of resistance that the price will encounter on its way up. The first significant resistance level begins at $26, closely followed by Wednesday’s high of $27 and the top of the trading range at $28. The Ichimoku cloud is also slightly bearish, but it should change color within two days. Buying momentum will likely pick up speed as LINK/USD heads closer to $26 and then breaks above that level.

LINK shows that buying volume is steadily increasing as the trading range narrows. As a result, momentum is building up for a strong advance higher from here. The conversion line continues to point upwards, and the baseline remains flat, meaning that the path of least resistance is still towards the upside. 

4-hour Chainlink price prediction chart: bulls target $29 next

On the 4-hour chart, we can see increasingly higher local lows set, indicating a higher break could be seen later today.

Chainlink 4-hour chart. Source: TradingView

The daily chart above for LINK shows that momentum is building up to break the $26 resistance level. buying volume has been increasing throughout the day. The conversion line (blue) and baseline (red) are drawing close to each other. Meaning buying momentum should increase as the trading range narrows. The Oscillator also continues to move into positive territory, which means that buying pressure will likely continue to grow over the next few days.

Finally, the Ichimoku cloud for LINK/USD is starting to change color from red to green, but it should only take a day or two before the bullish cloud turns blue. 

According to data from CoinMarketCap LINK/USD is ranked 16th in the overall cryptocurrency market.  LInk rice is down by 2%, despite the negative trend, the trading volumes are up by 17%.

Chainlink price prediction: Conclusion

The LINK is rising today, as a solid base advance higher has been established throughout the previous days. We anticipate that LINK/USD will break higher within the next 24 hours as the trading range narrows further.

As you wait for LINK/USD to break higher, read our ALGO and Uniswap price predictions.