ChainLink News

Chainlink price analysis: LINK/USD is bearish for the next 24 hours

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • The LINK/USD pair has made another stride toward the next level.
  • LINK/USD bull market is ending.

Chainlink is in a bearish trend today, with another modest increase yesterday and a refusal of further rises below $28. As a result, the LINK/USD pair should reverse over the following 24 hours and lose some of its gains.

Chainlink price movement in the last 24 hours: Chainlink moves to $28

The LINK/USD pair has fluctuated between $25.280 and $27.910 in the last 24 hours, suggesting little movement during that time period. Trading volume has dropped by 14.23 percent, with $1.08 billion traded on 1 of 1365 markets across 16 nations placing it at 15th place among cryptocurrencies.

LINK/USD 4-hour chart: Chainlink bull market is coming to an end?

On the Chainlink price chart, we can see that exhaustion is evident on the Chainlink price chart, suggesting a retrace is on the way. The LINK/USD pair has failed to breach the $30.000 resistance level yet again, and instead moved down to test support at $27.500. The price bounced off this line of resistance and rose slightly, but the bulls could not break through the $28.000 mark despite trading volumes increasing by 45 percent leading up to yesterday’s increase in price.

LINK/USD 4-hour chart. Source: TradingView

Chainlink is still in an uptrend, but it’s within 24 hours of reversing to the downside. Bull markets do not last forever, and they often end with a sudden spike lower before finding support once again at an average value. This reversal to the downside could very well be happening now. If this bear market continues, LINK will probably return to the $20.000-$25.000 range, but it could go as low as $18.000 before the May crash becomes history.

Next month will be four months since LINK (LN) first broke out of its three-month bear trend and entered into a bullish cycle that has now reached its climax. While it is not typical for bull markets to last as long as this one, we should expect them to end with a sudden burst. The recent semi-correction lower and bounce back up suggest investors could be anticipating the bursting of this bubble and selling off their tokens before it’s too late.

The LINK market has been trading in a bullish cycle for three months now, and is beginning to show signs of exhaustion. The current bearish spiral will probably continue over the next 24 hours, with LINK dropping back down to $25.000 or slightly lower before finding support at $20.000 in the following weeks.

Chainlink Price Analysis: Conclusion

The LINK/USD pair is in a bearish cycle that could be ending soon after it drops back to $25.000. Bull markets end when they reach their climax, and this one has reached its peak just before the crash.

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 7, 2021 5:15 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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