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Chainlink price analysis: Chainlink retests the $20 support, ready for a move higher?

Chainlink price analysis

TL;DR Breakdown

  • LINK moved lower overnight. 
  • Support around the $20 mark still holds.
  • Resistance at $26.

Chainlink price analysis is bearish for today as the market retested support at the $20 mark overnight prepares to breakthrough. Therefore, we can expect LINK/USD to spike to the $15 mark over the next few days.

Chainlink price analysis: Chainlink retests the $20 support, ready for a move higher? 1

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has remained relatively flat, while Ethereum is down by almost a percent. The rest of the altcoin market follows this pattern of slightly bearish performance.

Chainlink price movement in the last 24 hours

LINK/USD traded in a range of $20.10 – $21.94, indicating a moderate amount of volatility. Trading volume has decreased by 34.2 percent and totals $750 billion. Meanwhile, the total market cap stands at $8.94 billion.

LINK/USD 4-hour chart – LINK retests $20 support

On the 4-hour chart, we can see the Chainlink price action continuing to retrace over the past days and reaching the $20 mark, which likely will be broken later today.

Chainlink price analysis: Chainlink retests the $20 support, ready for a move higher?

LINK/USD 4-hour chart. Source: TradingView

Looking at the Chainlink price action development over the past weeks we can see that the market continues to retrace from the $35 previous major swing high. So far a retracement of over 40 percent has been set to the $20 support.

This comes after a very strong move lower in May, after which a clear support level was established around the $15 mark, where LINK/USD saw a quick spike higher. From there, LINK/USD reached the $35 resistance, which needs to be broken, if we want to see a clear signal for the overall trend reversal back to the upside.

Over the past days, a slightly higher high was set around the $26 mark, indicating that bulls are looking to take over the price action momentum. However, since the Chainlink retraced all the way back to the $20 mark, we can assume that the market is still bearish.

Therefore, another lower low might be seen over the next 24 hours as LINK/USD continues to retrace further to the $15 previous major support. Alternatively, if the $20 mark holds, we can expect another attempt to push higher above the $26 current local high.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish as we can expect the $20 mark to break later today. From there, the next support is located around the $15 mark and would mean a drop of 30 percent.

While waiting for further Chainlink price action development, read our guides on DeFi, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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