ChainLink News

Chainlink Price Analysis: LINK rapidly advances to $13.5, set to retrace to $15?

TL;DR Breakdown

  • LINK broke past $15 overnight.
  • Further downside was seen overnight.
  • LINK/USD currently rejects further downside.

Chainlink price analysis indicates bullish momentum to follow later today as a rapid move to the $13.5 mark was seen earlier today. LINK/USD started to retrace as the market wants to retest previous support around $15 as a resistance.

Cryptocurrency heat map. Source: Coin360

Crypto market trades with a slight loss over the last 24 hours. Bitcoin has declined by 1.5 percent, while Ethereum has recovered to a positive 1 percent mark. The rest of the top altcoins have also started to recover and trade with a gain of around 2-4 percent.

Chainlink price movement in the last 24 hours: Chainlink drops below $15

LINK/USD traded in a range of $13.42 – $14.75, indicating strong volatility over the last 24 hours. Trading volume has increased by 16.26 percent and totals $795.7 billion. Meanwhile, the total market capitalization trades around $6.17 billion, ranking the cryptocurrency in 15th place overall.

LINK/USD 4-hour chart: LINK set to retest $15 mark as a resistance

On the 4-hour chart, we can see the Chainlink price starting to retrace towards the $15 mark after a strong decline overnight. 

LINK/USD 4-hour chart. Source: TradingView

Chainlink price continued to decline over the last 24 hours as a continuation of the several-week bearish momentum that was seen after LINK/USD peaked at around $21 on the 7th of July. 

From the $21 high, LINK retraced and started trading sideways around $18. What followed was a failure to reach further highs and a break below $17.5 support. Chainlink reached the $16 mark next and retested the $17.5 previous support as a resistance, indicating that bears have taken over control.

Further, LINK/USD dropped to the $15 mark, and after some consolidation, spiked lower yesterday. Overnight, LINK reached the $13.5 mark, where some rejection for further downside was seen. Overall, this should lead the Chainlink price towards another retracement over the next 24 hours, with the previous support around $15 as the resistance target to be retested.

Chainlink Price Analysis: Conclusion

Chainlink price analysis indicates bullish momentum to follow over the next 24 hours as a strong wave lower was seen over the last 24 hours, and a further downside was not seen over the last hours. Therefore, LINK/USD is set to retrace some of the overnight loss and try to retest the $15 previous support as a resistance. 

While waiting for LINK to retrace, read our guides on DeFi advantages, Bitcoin fees, what you can buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on July 20, 2021 9:47 pm

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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