- LINK retested $17.5 resistance overnight.
- Strong bearish pressure today for Chainlink.
- LINK/USD targets $15 next.
Chainlink price analysis indicates bearish momentum for today as bears have broken past the $16 support. Therefore, we can expect LINK/USD to reach the next support at $15 over the next 24 hours.
The crypto market trades in with a substantial loss over the last 24 hours. Bitcoin has declined by 3.7 percent, while Ethereum 4.7 percent. Binance Coin (BNB) still holds, with a small gain of 0.46 percent.
LINK/USD traded in a range of $15.78 – $17.29, indicating strong volatility. Trading volume has declined by almost 7 percent over the last 24 hours and totals $648.8 billion. Meanwhile, the total market capitalization trades around $6.9 billion, ranking the cryptocurrency in 15th place overall.
LINK/USD 4-hour chart: LINK spikes below $16
On the 4-hour chart, we can see the Chainlink price starting to decline again and breaking past the previous low around the $16 mark.
Chainlink price action has become increasingly bearish over the last days after a several-week rally at the end of June. LINK/USD set a strong higher high at the $21 mark on the 7th of July and failed to move much higher from there.
What followed was a several-day-long decline away from the previous high, with the $17.5 support broken on the 13th of July. From there, LINK/USD spiked to the $16 mark and reversed yesterday.
Overnight the Chainlink price reached the $17.5 mark and retested it as a resistance. From there, the market started moving lower again earlier today and broke below the $16 current low. This price action development should lead towards further downside over the next days, with bears targeting the $15 support next.
Chainlink price analysis indicates bearish momentum for the next 24 hours as the previous low of around $16 was broken over the past hours. LINK/USD currently moves towards the $15 previous major support, with further downside likely to be seen over the weekend.
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