Chainlink Price Analysis: LINK spikes below $16 previous low, targets $15 next?
2 min readTL;DR Breakdown
- LINK retested $17.5 resistance overnight.
- Strong bearish pressure today for Chainlink.
- LINK/USD targets $15 next.
Chainlink price analysis indicates bearish momentum for today as bears have broken past the $16 support. Therefore, we can expect LINK/USD to reach the next support at $15 over the next 24 hours.
The crypto market trades in with a substantial loss over the last 24 hours. BTC has declined by 3.7 percent, while ETH 4.7 percent. Binance Coin (BNB) still holds, with a small gain of 0.46 percent.
Chainlink price movement in the last 24 hours: Chainlink moves lower again
LINK/USD traded in a range of $15.78 – $17.29, indicating strong volatility. Trading volume has declined by almost 7 percent over the last 24 hours and totals $648.8 billion. Meanwhile, the total market capitalization trades around $6.9 billion, ranking the cryptocurrency in 15th place overall.
LINK/USD 4-hour chart: LINK spikes below $16
On the 4-hour chart, we can see the Chainlink price starting to decline again and breaking past the previous low around the $16 mark.
Chainlink price action has become increasingly bearish over the last days after a several-week rally at the end of June. LINK/USD set a strong higher high at the $21 mark on the 7th of July and failed to move much higher from there.
What followed was a several-day-long decline away from the previous high, with the $17.5 support broken on the 13th of July. From there, LINK/USD spiked to the $16 mark and reversed yesterday.
Overnight the Chainlink price reached the $17.5 mark and retested it as a resistance. From there, the market started moving lower again earlier today and broke below the $16 current low. This price action development should lead towards further downside over the next days, with bears targeting the $15 support next.
Chainlink Price Analysis: Conclusion
Chainlink price analysis indicates bearish momentum for the next 24 hours as the previous low of around $16 was broken over the past hours. LINK/USD currently moves towards the $15 previous major support, with further downside likely to be seen over the weekend.
While waiting for Chainlink to drop further, read our guides on what can you buy with BTC, BTC fees, as well as what is DeFi.
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