- LINK moved higher overnight.
- Chainlink has set a slightly higher low set around $16.
- The previous high at $19 is currently retested.
Chainlink price analysis is bearish for today as the market approached the $19 mark, where the previous local low was set last week after a strong move higher over the last 24 hours. Therefore, we expect LINK/USD to test further downside over the next few days and move lower from there.
The overall market trades with a strong bullish momentum over the last 24 hours. Bitcoin has gained 4.5 percent, while Ethereum is among the best performers, with a gain of 15 percent.
LINK/USD traded in a range of $16.63 – $19.36 indicating substantial volatility. Trading volume has increased by 37 percent and totals $975.5 billion. Meanwhile, the total market cap stands at $8.3 billion, ranking cryptocurrency in 15th place overall.
LINK/USD 4-hour chart – LINK ready to retest the $20 mark?
When looking at the 4-hour timeframe, the Chainlink price currently trades below strong resistance around the $19-20 mark, indicating a lot more downside later today.
The overall market momentum over the past weeks continues to be bearish. After setting the last swing high at the $0.26 mark on the 15th of June, LINK/USD retraced by more than 40 percent until the $15 mark, where the market previously saw a sharp rejection on the 23rd of May.
This means that the Chainlink price is currently in a substantial support area from which a reversal could happen over the following weeks. However, LINK/USD has to set a high first and push above the $20 mark.
Alternatively, LINK/USD should retrace over the next 24 hours and look to set another slightly higher low. In this scenario, we can expect LINK/USD to trade in an increasingly tighter range until a breakout to either direction is seen. Until then, it is best to stay on the sidelines and wait for further Chainlink price action development.
Chainlink price analysis is bearish as the market has approached a significant resistance area around $19-$20. Unless LINK/USD manages to break higher overnight, we can expect a lot more further downside over the next 24 hours.
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