- LINK moved lower overnight.
- Spike lower to the $18 mark over the past hours.
- Next major support at $15.
Chainlink price analysis is bearish for the next 24 hours as the market dropped once earlier today and breached the $20 support. Therefore, we expect XRP/USD to move to the $15 mark over the next few days.
The overall market trades with a bearish sentiment over the last 24 hours. Bitcoin has lost 7 percent, while Ethereum 10.2 percent. Meanwhile, Dogecoin is down by 22 percent and is among the worst performers.
LINK/USD traded in a range of $17.71 – $22.06, indicating large volatility over the last 24 hours. Trading volume has spiked by 90 percent and totals $1.8 billion. Meanwhile, the total market cap stands just below $8 billion, ranking cryptocurrency in 14th place overall.
LINK/USD 4-hour chart – LINK rejects further downside around $18
On the 4-hour chart, we can see the Chainlink price rejecting further downside as of now as the $20 likely will be tested before further downside is seen.
The overall market trades within a strong bearish price action structure over the past weeks after a retracement from the $53 previous all-time high was seen over the second half of May. Support was eventually found at the $15 price level, with a strong rejection for further downside and a rally to $35 over the following days.
From there, LINK/USD started to move lower again in a slow and steady pattern. Last week, we saw the $20 briefly act as a support and the LINK/USD establishing a slightly higher high. This acted as an indication that bulls are taking over control over the market.
However, another lower low was set several days later, on the 20th of May. Overnight the Chainlink price rallied back to $22 and started to push lower earlier today. This has resulted in another spike lower, this time at the $18 mark and below the $20 support.
Therefore, we can assume LINK/USD will regain some of the loss seen earlier and likely retest the $20 mark as a resistance. After the retest is done and the resistance holds, we can expect LINK to move further to the downside and try to reach the next support at $15.
Chainlink price analysis is bearish over the last days as a further downside was set below the $20 mark. This should lead LINK/USD towards a move to the $15 major support later this week, likely with a retest of the $20 mark as a resistance first.
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