Chainlink Price Analysis: LINK is on its way to $14 after a spike below $15 support
2 min readTL;DR Breakdown
- LINK consolidated yesterday.
- Support around $15 broken today.
- Next target at $14.
Chainlink price analysis indicates bearish momentum today as the market broke past the $15 support after several days of consolidation. Therefore, we expect LINK/USD to reach the $14 mark next and continue the several-week momentum from there.
The overall market trades in the red over the last 24 hours. BTC has lost 2 percent, while ETH 4.73 percent. Binance Coin (BNB) and Dogecoin (DOGE) are among the worst performers, with a loss of around 5.5 percent.
Chainlink price movement in the last 24 hours: Chainlink established a base from which to push lower
LINK/USD traded in a range of $14.49 – $15.76, indicating mild volatility. Trading volume has increased by 23 percent and totals $679.1 billion. The total market capitalization stands around $6.44 billion, ranking the cryptocurrency in 15th place overall.
LINK/USD 4-hour chart: LINK breaks $15 support
On the 4-hour chart, we can see the Chainlink price moving past the $15 support over the past hours as bears target the $14 mark next.
Chainlink price action continued to decline over the past weeks after a strong rally earlier this month. LINK/USD set a clear higher high around the $21 mark on the 7th of July and started moving lower from there.
What followed was a break below the several-day ascending trendline and consolidation above the $17.5 support. From there, LINK/USD saw another drop lower over the past few days until the previous significant support around the $15 mark.
Chainlink price consolidated around the $15 mark for the past few days and established a base from which to continue lower. LINK/USD broke the $15 support earlier today and started to push towards the $14 mark next. This price action development should lead LINK towards a lot more downside later this week as the overall several-month retracement continues.
Chainlink Price Analysis: Conclusion
Chainlink price analysis is bearish for the next 24 hours as a spike below $15 support was seen today after a several-day consolidation. Therefore, we expect Chainlink to reach the $14 mark next and continue its way lower from there.
While waiting for Chainlink to drop further, read our guide on DeFi advantages, BTC fees, as well as what you can buy with BTC.
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