LINK/USD Price Prediction: LINK/USD is bullish for the next 24 hours

TL;DR Breakdown

• LINK/USD price prediction is bearish today.
• Bulls set to break above the next resistance.
• LINK/USD is trading at $26.4.

LINK/USD price prediction is still in a bearish trend, with another modest increase yesterday and no resumption of declines beneath $28. Consequently, the LINK/USD pairing should reverse over the following 24 hours and lose some of its gains.

Chainlink price movement in the last 24 hours: Chainlink moves to $28

The LINK/USD pairing makes another bullish stride toward the next level. This comes after a good breakout from the stochastic buy zone early yesterday morning. This was shortly followed by a retracement to the most recent high of around $27 per LINK. The retracement pauses, and LINK/USD is allowed to tag $27 again before continuing its bullish momentum and ascending towards the next level once more. Today’s peak price has been $28 per LINK, though this resistance still has not closed thus far. The 1-day chart illustrates how LINK/USD has moved to make another bullish stride toward the next level.

If LINK/USD begins to move down from the current price, it will skirt around the 50% Fibonacci Retracement level. Once it begins to move into this area, if bullish momentum moves past $27 with no hesitation, the next target will be $30 per LINK. Suppose there is a retrace in price action upon entry of this resistance level. In that case, the most likely position will be to move down alongside the 38.2% Fibonacci Retracement level, which will provide resistance at $27 per LINK.

If the price of LINK/USD drops from its current level, it will skirt around the 50% Fibonacci Retracement level. If bulls fail to make significant progress and the price continues to decrease. This could signify an impending end to bullish market movement. Suppose there is a retrace in price action upon entry of this resistance level. In that case, the most likely position will be to move down alongside the 38.2% Fibonacci Retracement level.

The cryptocurrency heatmap has been generally bearish in the last 24 hours. The most prominent digital asset BTC is down by 1.11%.

Chainlink four-hour chart: Is the LINK bull market nearing its conclusion?

LINK/USD 4-hour chart. Source: TradingView

If there is a sell-off from $28, the first resistance areas will be $27 per LINK and $25 per LINK. A new bullish movement can begin once these levels have been broken through successfully. The new buy zoning is between the 50% Fibonacci Retracement level and the recent high of around $27. Suppose there is a retrace in price action upon entry of this resistance level. In that case, the most likely position will be to move down alongside the 38.2% Fibonacci Retracement level, which will provide resistance at $26 per LINK.

It is important to note that the Fibonacci Retracement levels must be taken together with other indicators. Looking at the 1-day chart, you can see support levels just beneath the current price range. This could indicate that the price action will not continue to decrease after an initial retrace. If this is true, it would be safe to begin a buy position in LINK/USD at around $26 upon exit of the $28 level; however, there is no certainty in this move.

LINK/USD Price Prediction: Conclusion 

The $25,000 mark is near-term support, and the market may soon be turning bearish after it drops back to that price. When a bull market reaches its zenith, it comes to an end.

Also, read our Cardano price prediction.