Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Chainlink Price Analysis: LINK rapidly advances to $13.5, set to retrace to $15?

2 min read

TL;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.

Chainlink Price Analysis: LINK rapidly advances to $13.5, set to retrace to $15? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: LINK rapidly advances to $13.5, set to retrace to $15?
LINK/USD 4-hour chart. Source: TradingView

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.

Disclaimer. The information provided is not trading advice. 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.

Source link

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply