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.
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 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.
