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Chainlink Price Analysis: LINK rejects lower after a spike to $29, more downside to follow?

Chainlink Price analysis

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • LINK/USD saw upside rejected overnight.
  • Closest support at $26

Chainlink price analysis is bearish today as we expect further downside after a rejection of the upside overnight. Therefore, LINK/USD will likely move towards the $26 previous low to test it again.

Chainlink Price Analysis: LINK rejects lower after a spike to $29, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. Bitcoin lost 2.67 percent, while Ethereum 3.06 percent. Meanwhile, the rest of the top altcoins follow with similar results.

Chainlink price movement in the last 24 hours: Chainlink rejects upside at $29, bearish momentum returns

LINK/USD traded in a range of $26.96 – $29.29, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 24 percent, totaling $914.6 billion, while the total market cap trades around $12.78 billion, ranking the coin in 19th place overall.

LINK/USD 4-hour chart: LINK set to drop further?

On the 4-hour chart, we can see rejection for further upside overnight, likely leading the Chainlink price towards more downside later today.

Chainlink Price Analysis: LINK rejects lower after a spike to $29, more downside to follow?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has continued to trade in a bearish momentum over the past week. A sharp reversal followed after a strong rally at the beginning of November resulted in a new high set at $38.

Initially, LINK/USD moved to $32, with consolidation following over several days. On the 15th of November, bearish momentum resumed, leading LINK to $28. Further drop followed on the 18th of November, setting an even lower low at $26.

Since then, the Chainlink price has consolidated around $28. Late yesterday, bulls attempted to push higher, however, they failed quickly. LINK/USD will likely see further downside today as selling pressure is still strong.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish today as upside was rejected overnight, leading to another selloff this morning. Likely, LINK/USD will continue even lower later today and test the $26 support.

While waiting for Chainlink to move further, see our guides on the Best crypto exchange, how to mine Chainlink Classic, and Cardano vs Chainlink.

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.

Lapin

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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