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Chainlink price analysis: LINK/USD retests $15 support with signs of overnight recovery

Chainlink Price Analysis

TL;DR Breakdown

  • Chainlink price analysis neutral as LINK/USD retested the previous $15.1 support.
  • There has been an increase of $13.9 to $15.0 in the price.
  • Next target for the price is $16.
  • Resistance is high but the bulls have not given up yet.
  • The market is expected to remain predominantly bullish and recover furhter overnight.

The Chainlink price analysis today reveals a bullish status after two consecutive days of a bearish dip. In the next few days, there is a good chance for the market to recover back to the recent high of 6th July. Though, our current prediction based on the recent trends is that LINK/USD can hit $16 tomorrow.

Chainlink price analysis: LINK/USD retests $15 support with signs of overnight recovery 1
Cryptocurrency heat map by Coin360

Today, the market is trading with a bearish status as the price of BTC rose by 6.8 percent whereas an increase of 8.61 percent was recorded by Ethereum. DOT, XRP, LTC, and DOGE have also recorded positive changes over the last day.

Chainlink Price Analysis
Chainlink Price Chart by TradingView

The bearish status of the market today can also be verified from our Chainlink price analysis cay-graph. The price of Chainlink today has undergone an increase today, retracing most of the bearish losses from two days ago. With that, the net increase today was higher than the few bullish days recorded over the last week.

24-hour Chainlink price analysis

Chainlink price analysis: LINK/USD retests $15 support with signs of overnight recovery 2
Chainlink Price Chart by TradingView

After remaining consistently bullish for several hours, the last few hours have shown a predominantly bullish trend. Overall, LINK/ADA has traded between $13.9 and $15.0 in the last 24 hours. Now with the increase in resistance, there are chances that the market is gearing for a fall.

Currently, the market cap of Link/ADA is set at $6,670,921,741.57 with an 8.09 percent dominance. This leaves the coin on the 15th spot. Also, a 13.63 percent increase in the trading volume has been recorded in the last 24 hours as per Chainlink price analysis.

RSI levels currently touch 59 with an almost stable slope. After some bearish hours, the market might be gaining stability again. Overnight, the price of Chainlink could increase or decrease depending on the market movement. But for now, a high level of indecisiveness can be observed according to Chainlik price analysis.

4-hour price chart – What to expect from Chainlink price overnight?

Chainlink price analysis: LINK/USD retests $15 support with signs of overnight recovery 3
Chainlink Price Chart by TradingView

Currently, the RSI levels in our 4 hours price chart have almost become stable at 51.81. With that, the histograms in MACD remain in the greens, indicating that the bulls have not given up yet. The chances of the market going higher overnight are good.

However, at any moment, resistance could take over eventually leaving the bulls exhausted. Despite the small rises in the hourly graph, the 4-hours chart reveals an overall bearish status in the last 8 hours. It could be a result of day-traders selling off their stock after the small rise.

However, there is a high likelihood for many traders to hold on to their investments, as Chainlink has reached the previous support levels of $15 now.

Chainlink price analysis conclusion

Overall, the Chainlink market is showing good indications for an upcoming increase. Though, considering the high volatility, it is expected to happen in increments rather than a steep bull-run. After all, the bulls have not given up yet and the previous support has been retested.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and Artificial Intelligence. He also loves playing games and music in his spare time to keep his creative juices flowing.

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