- LINK consolidated yesterday.
- Support around $15 broken today.
- Next target at $14.
Chainlink price analysis indicates bearish momentum today as the market broke past the $15 support after several days of consolidation. Therefore, we expect LINK/USD to reach the $14 mark next and continue the several-week momentum from there.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 2 percent, while Ethereum 4.73 percent. Binance Coin (BNB) and Dogecoin (DOGE) are among the worst performers, with a loss of around 5.5 percent.
LINK/USD traded in a range of $14.49 – $15.76, indicating mild volatility. Trading volume has increased by 23 percent and totals $679.1 billion. The total market capitalization stands around $6.44 billion, ranking the cryptocurrency in 15th place overall.
LINK/USD 4-hour chart: LINK breaks $15 support
On the 4-hour chart, we can see the Chainlink price moving past the $15 support over the past hours as bears target the $14 mark next.
Chainlink price action continued to decline over the past weeks after a strong rally earlier this month. LINK/USD set a clear higher high around the $21 mark on the 7th of July and started moving lower from there.
What followed was a break below the several-day ascending trendline and consolidation above the $17.5 support. From there, LINK/USD saw another drop lower over the past few days until the previous significant support around the $15 mark.
Chainlink price consolidated around the $15 mark for the past few days and established a base from which to continue lower. LINK/USD broke the $15 support earlier today and started to push towards the $14 mark next. This price action development should lead LINK towards a lot more downside later this week as the overall several-month retracement continues.
Chainlink price analysis is bearish for the next 24 hours as a spike below $15 support was seen today after a several-day consolidation. Therefore, we expect Chainlink to reach the $14 mark next and continue its way lower from there.
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