- Chainlink price analysis is bearish on today’s session after retracing 2.98 percent down.
- Chainlink price action traded strongly bullish for the last 5-weeks
Chainlink price analysis is bearish on today’s session after the market retraced by up to 2.98 percent after finding rejection at $29.143. LINK/USD pair started a consolidation process early in the morning, but the bulls who seem exhausted by the rapid momentum from July’s $19 – August’s $30 might correct lower anytime soon. This is especially true if the bears keep defending the $30 price barrier.
The general cryptocurrency market has been trading with mixed results, with some coins posting few gains or losses here and there. Bitcoin and Ethereum lost 1.82 and 0.56 percent, respectively. Binance Coin shed 1.41 percent of its value while Cardano emerged as the hottest gainer of the day after breaking the $2.9 barrier.
LINK/USD pair traded within a tight range of $27.5 – $28.9, suggesting a low amount of volatility on the 24-hour chart. Daily trading volumes increased by 6.50 percent to $1,418,602,991 from yesterday. Meanwhile, the total Chainlink market capitalization dropped by 4.23 percent to a total of $12,398,450,304.
LINK/USD 4-hour chart: LINK preparing to retrace back to 20-day EMA?
On the 4-hour Chainlink price analysis chart, LINK/USD is trading below the middle Bollinger band and almost touching the lower band. There are long red candlesticks that are moving rapidly away from the 100-day SMA and this could break the general bullish development witnessed in the last few days.
Chainlink price action traded strongly bullish for the last 5-weeks after bouncing from a previous swing low of $16, gaining at least 120 percent to the current swing high of $30. Few more percentages were gained yesterday but Chainlink bulls were still unable to break past $30. This price zone has been posing resistance for almost one week now and could easily exhaust buyers. Thereby resulting in a retracement back to the $23 support.
The current price action could lead LINK/USD to another downward correction in the next 24 hours, hence why we remain bearish in our Chainlink price analysis today. From there, the coin could resume a bullish trend in an attempt to breach through $30.
Chainlink price analysis is bearish for today after the market dropped 2 percent below yesterday’s mark. The bulls are struggling to breach through $29 and $30. Hence, we could expect a retracement downwards from where the bulls will be back to the drawing board.
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