- LINK continued moving lower yesterday.
- $16 mark was broken overnight.
- Chainlink targets $14 support next.
Chainlink price analysis is bearish for the weekends as the market continued moving lower over the past 24 hours. Previous support around $16 was broken overnight, and the next major support at $15 currently gets tested. Therefore, we expect LINK/USD to break lower later today and reach the next support at $14 next.
The overall market trades with a slight loss over the last 24 hours. Bitcoin trades relatively flat, while the top altcoin – Ethereum, has lost 1.26 percent. The rest of the top altcoin follow Ethereum with around 1-2 percent loss.
LINK/USD traded in a range of $15.17 – $16.32, indicating a moderate amount of volatility. Trading volume has increased by 22 percent and totals $778.2 billion, while the total market capitalization stands at around $6.83 billion.
LINK/USD 4-hour chart: LINK targets $14 mark next?
On the 4-hour chart, we can see the Chainlink price reaching $15 support over the past hours and pausing in preparation for further downside overnight.
The overall market trades with a strong bearish momentum over the last week. After a strong rally at the end of June and the beginning of July, LINK/USD reached the $21 mark, with a clear ascending support trendline established from the increasingly higher lows.
However, the Chainlink price action could not move any higher on the 8th of July and broke past the support trendline. What followed was a sideways consolidation for several days until another drop lower was seen on the 13th of July.
LINK/USD quickly reached the $16 support, and after a retest of the $17.5 previous support as a resistance, the market dropped further over the past few days. This Chainlink price action development has resulted in another lower low, and the $15 major support reached over the past hours.
Chainlink price currently retraces some of today`s loss as bears prepare for another push lower overnight. Therefore, we can expect LINK to target the $14 mark next and set a new several-month lower low, which should lead to a lot more downside over the next few days.
Chainlink price analysis is bearish for the next 24 hours as another push lower was seen earlier today, and the $15 major support was reached. Currently, LINK/USD retraces some of today`s loss in preparation for another push lower overnight.
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