The Chainlink price is bearish today, with another modest bump yesterday and a rejection of additional gains below $28. As a result, LINK/USD should reverse over the following 24 hours and lose some of its gains.
Cryptocurrency heat map. Source: Coin360
Over the past 24 hours, the overall market has traded with mixed results. Bitcoin increased by 1.11%, while Ethereum dropped by 1.8%. Meanwhile, Solana (SOL) is one of the worst performers, with a drop of more than 9%.
The LINK/USD pair has ranged between $25.280 and $27.910 over the last 24 hours, implying a moderate amount of fluctuations in that time period. Trading volume has decreased by 14.23 percent, with $1.08 billion traded on 1,365 markets across 16 countries, putting it at 15th position overall among cryptocurrencies.
On the 4-hour Chainlink price analysis chart, we can see that for Chainlink’s price action, exhaustion is evident, suggesting a retracement is on the way.
LINK/USD 4-hour chart. Source: TradingView
The Chainlink price is now trading near the $22 support level, which has been holding for more than a week. The overall market sentiment remains negative, as a significant plunge occurred on September 20th, resulting in losses of over 30% over several days.
The prior significant support level of $25.5 became the upper limit for the consolidation range, with a second retest on September 27th. During the sideways movement, bulls established somewhat higher lows, suggesting an approaching reversal.
On Friday, Chainlink’s price rose by more than 8%, with further gains made on Monday to the $28 level. Overall, LINK/USD has seen a great deal of growth in recent days, suggesting that a retracement is imminent.
This week’s Chainlink price analysis is bearish, as a modest advance was met by rejection for further gains below $28. As a result, we expect LINK/USD to return to some of the earlier-week gains and establish a lower low next.
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 October 6, 2021 9:57 am
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