Chainlink Price Analysis: LINK rapidly advances to $13.5, set to retrace to $15?
2 min readTL;DR Breakdown
- LINK broke past $15 overnight.
- Further downside was seen overnight.
- LINK/USD currently rejects further downside.
Chainlink price analysis indicates bullish momentum to follow later today as a rapid move to the $13.5 mark was seen earlier today. LINK/USD started to retrace as the market wants to retest previous support around $15 as a resistance.
Crypto market trades with a slight loss over the last 24 hours. BTC has declined by 1.5 percent, while ETH has recovered to a positive 1 percent mark. The rest of the top altcoins have also started to recover and trade with a gain of around 2-4 percent.
Chainlink price movement in the last 24 hours: Chainlink drops below $15
LINK/USD traded in a range of $13.42 – $14.75, indicating strong volatility over the last 24 hours. Trading volume has increased by 16.26 percent and totals $795.7 billion. Meanwhile, the total market capitalization trades around $6.17 billion, ranking the cryptocurrency in 15th place overall.
LINK/USD 4-hour chart: LINK set to retest $15 mark as a resistance
On the 4-hour chart, we can see the Chainlink price starting to retrace towards the $15 mark after a strong decline overnight.
Chainlink price continued to decline over the last 24 hours as a continuation of the several-week bearish momentum that was seen after LINK/USD peaked at around $21 on the 7th of July.
From the $21 high, LINK retraced and started trading sideways around $18. What followed was a failure to reach further highs and a break below $17.5 support. Chainlink reached the $16 mark next and retested the $17.5 previous support as a resistance, indicating that bears have taken over control.
Further, LINK/USD dropped to the $15 mark, and after some consolidation, spiked lower yesterday. Overnight, LINK reached the $13.5 mark, where some rejection for further downside was seen. Overall, this should lead the Chainlink price towards another retracement over the next 24 hours, with the previous support around $15 as the resistance target to be retested.
Chainlink Price Analysis: Conclusion
Chainlink price analysis indicates bullish momentum to follow over the next 24 hours as a strong wave lower was seen over the last 24 hours, and a further downside was not seen over the last hours. Therefore, LINK/USD is set to retrace some of the overnight loss and try to retest the $15 previous support as a resistance.
While waiting for LINK to retrace, read our guides on DeFi advantages, BTC fees, what you can buy with BTC.
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