- LINK finds resistance at $33.
- Next support at $24.
- Further downside expected over the weekend.
Today’s Chainlink price prediction is bearish as the market peaked at $33 yesterday and currently moves lower once again to establish a higher low. From there, we expect LINK/USD to move higher next week.
The crypto market trades with mixed results over the last 24 hours. Bitcoin remains relatively flat with a small loss of 0.6 percent. Meanwhile, Ethereum has lost 1.8 percent, with the rest of the altcoin market posting a similar slight loss.
LINK/USD opened at $30.66 today after a bullish close yesterday. LINK/USD retested resistance at the $33 mark, from which bears took over overnight and started pushing the market lower again. Therefore, we should see further downside later today.
The LINK/USD price moved in a range of $28.23 – $33.01, indicating a substantial amount of volatility. Trading volume has decreased by 54.5 percent and totals $2.5 billion. Meanwhile, the total market cap trades at 12.8 billion, ranking the cryptocurrency in 14th place overall.
LINK/USD 4-hour chart – LINK looks to set higher low
On the 4-hour chart, we can see the Chainlink price pushing lower over the last few hours
The overall market continued to move lower over the past days after a new all-time high was set at the $53 mark. The Chainlink price has retraced more than 60 percent over the past weeks, with the $21 quickly reversing further downside on the 19th of May.
Since the market moved lower so fast, we expect that the several-week bearish momentum is over, and LINK/USD will only continue moving higher from now on. However, the market still needs to establish a strong base from which to move higher over the next weeks.
Yesterday we saw LINK move higher to test the $33 mark. From there, Chainlink price action reversed overnight and started pushing lower over the past hours. This should lead to further downside over the next 24 hours.
If LINK/USD can set a higher low over the weekend, we expect further attempt to move higher next week. Once a higher local high is set, LINK should start to trade in a bullish price action structure once again and look to set a new all-time high over the following weeks.
Chainlink price prediction is bearish as the market couldn’t continue moving higher overnight, and bears slowly started to push LINK/USD lower once again. Therefore, we expect further downside over the next 24 hours as the market attempts to set another higher low above the $24 mark.
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