Chainlink Price Analysis: LINK swiftly retraces after a spike to $24.5, prepares for another rally?

The last 24 hours were quite eventful for the LINK token. The cryptocurrency suffered a sharp correction, dropping nearly half of its price from its highest mark. However, those who purchased LINK before it started a downtrend, may be pretty pleased with their gains.

Register now on Binance, add 50$ and get 100$ bonus voucher!

Looking for a long-term investment vehicle? Cryptocurrency is one of the quickest and easiest ways to invest in the future. Here’s a quick look at Chainlink(LINK) price movement last week. LINK started its rally on Feb. 1, reaching an all-time high of $24.50 on Feb.4. However, the rally was short-lived as LINK fell back to a range of $20-$23 on Feb.13. On Feb.16, LINK broke out of the range at $24.52 and extended its rally to $24.60.

The market has been on the fence for a while now, with little direction to be had. But that all changed on Tuesday, as a couple of news items, including a rather large sale of Bitcoin (BTC) and Ethereum (ETH) and the announcement of a new and highly anticipated cryptocurrency called Chainlink (LINK), set the entire market on fire.. Read more about matic coin price tradingview and let us know what you think.

TL;DR Summary

  • Overnight, the price of LINK jumped to $24.5.
  • The current low is a retracement with a higher low.
  • The next goal for Chainlink is $26.

The market has retraced following another surge upward overnight, thus Chainlink price analysis is optimistic for the next 24 hours. As a result, bulls are expected to reclaim market momentum and attempt to break the $24.5 level, with $26 as the next resistance objective.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the cryptocurrency market has been in the red. Bitcoin and Ethereum, the market leaders, have dropped 2.75 and 3.4 percent, respectively, with the major altcoins following suit.

Price movement of Chainlink over the past 24 hours: Chainlink reaches a new high of $24.50.

Over the past 24 hours, LINK/USD has traded in a range of $22.23 to $24.36, showing moderate volatility. The amount of trading has risen by 8.78 percent to $1.32 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $20.15 billion, placing it in 12th position worldwide.

4-hour chart of LINK/USD: Is LINK preparing for another rally?

The CHainlink price is retracing to the $22 level on the 4-hour chart in anticipation for another surge later today.

Chainlink Price Analysis: LINK retraces after a spike to $24.5, prepares for another rally?4-hour chart of LINK/USD. TradingView is the source of this information.

Over the past several weeks, the price of Chainlink has been more optimistic. The market began to surge higher after finding support around the $13.5 level, with the previous swing high around $21 being breached. 

Register now on Binance, add 50$ and get 100$ bonus voucher!

Over the past several days, there has been further upward momentum, with the $24.5 level being hit overnight. This price action development has resulted in a gain of more than 80%, indicating that bulls may have reached their limit.

We may anticipate LINK/USD to make another effort to push higher later today, given that another local higher high and low were established. The next resistance level is approximately $26, which, if achieved, will reinforce the price action pattern that has been in place for many months.

Conclusion of the Chainlink Price Analysis 

The chainlink price analysis for the next 24 hours is optimistic, since another higher high and low were established in the previous 24 hours. As a result, after the retracement is complete, we may anticipate another surge higher, this time to the $26 barrier level.

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

Disclaimer. The information provided is not trading advice. .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.

Chainlink’s price reached a peak of $24.50 after the release of the latest data from DigiByte (DGB) and Waves platform. Then, the price started to fall and, as expected, it retraced and closed at $21.50. Now, the price is pointing to a new rally, but I’m not sure if it will break the $22.50 resistance level.. Read more about matic coin analysis and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • live coin stats
  • how to update coinstats portfolio
  • coinstats down
  • coinstats polkadot
  • chainlink stats

Register now on Binance, add 50$ and get 100$ bonus voucher!

Recent Articles

Tonga accepts Bitcoin donations amid tsunami onslaught

A small island of Tonga has been hit by a tsunami, and the country is calling for donations in Bitcoin. The nation’s Prime Minister...

How to Buy Solana (SOL) in India

It is important to know how you can buy SOL in India. It’s no secret that the Indian market has only recently begun to...

How to Buy Flow (FLOW) in India

Flow is a cryptocurrency that was introduced in June 2018. It uses the Ethereum blockchain platform, but has its own built-in digital currency called...

Moonbeam Goes Live on Polkadot, Becomes its First Fully Operational Parachain

Moonbeam, the world’s first fully operational on chain scaling solution was released into the wild this week. The Polkadot-powered platform aims to provide scalability...

Stacks ecosystem becomes #1 Web3 project on Bitcoin

The Ethereum blockchain, which powers the Stacks ecosystem’s token STX, has become the most important web3 project on Bitcoin. The announcement is a sign...

Related Stories