Chainlink price analysis: LINK tests $17.5 again, breakout today?
2 min readTL;DR Breakdown
- LINK continues moving sideways.
- Previous support at $17.5 rested again.
- Next support at $15.
Chainlink price analysis is neutral for today as the market attempt to breach the $17.5 support again. Unless the support is broken later today, we can expect BTC/USD to continue moving sideways over the following 24 hours.
The overall market trades in the red over the last 24 hours. BTC has declined by 2.3 percent, while ETH around 4.16 percent. Solana (SOL) is among the worst performers with a loss of 5.82 percent.
Chainlink price movement in the last 24 hours
LINK/USD traded in a range of $17.61 – $18.60, indicating substantial volatility. Trading volume has decreased by 4.63 percent and totals $517.3 billion. Meanwhile, the total market capitalization stands around $7.7 billion, ranking the cryptocurrency in 15th place overall.
LINK/USD 4-hour chart – LINK attempts to break $17.5 again?
On the 4-hour chart, we can see the Chainlink price moving lower over the past hours to breach the $17.5 support once again.
The overall market trades within a slightly bullish price action structure after a major swing low around $15 was set at the end of June. From there, LINK/USD set two higher highs as bulls built up momentum.
Additionally, last week Chainlink established a clear ascending support trendline, which was broken on the 8th of July. This price action development resulted in a sideways consolidation over the past days above the $17.5 mark and indicates that bulls are exhausted.
Earlier today, the Chainlink price started moving lower again and has approached the $17.5 support. This could lead towards a clear break lower later today and a lot more downside later this week. However, right now, the $17.5 mark still holds and we can expect further sideways movement over the next 24 hours.
Chainlink Price Analysis: Conclusion
Chainlink price analysis is neutral for today as support around $17.5 is not yet broken. If bears fail to push the market lower later today, we can expect further consolidation above the $17.5 mark over the next 24 hours.
While waiting for Chainlink to break lower, read our guides on DeFi advantages, BTC fees, as well as what can you buy with BTC.
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