- Chainlink price analysis is bearish today.
- LINK/USD retraced to $21 Yesterday.
- Another test of downside is currently in progress.
Chainlink price analysis is bearish today as selling pressure has returned after resistance was found at $21 late Yesterday. Therefore, we expect LINK/USD to move towards another test of downside later in the day.
The cryptocurrency market has seen a strong recovery over the last 24 hours after a massive selloff previously. The market leaders, Bitcoin and Ethereum, are up by 6.09 and 8.6 percent, respectively. Meanwhile, Terra (LUNA) is the top performer, with an over 40 percent increase.
LINK/USD traded in a range of $18.63 – $20.95, indicating strong volatility over the last 24 hours. Trading volume has declined by 39.8 percent, totaling $1.29 billion, while the total market cap trades around $9.3 billion, ranking the coin in 21st place overall.
LINK/USD 4-hour chart: LINK starts to decline again
On the 4-hour chart, we can see the Chainlink price slowly moving lower after resistance was found at $21 as bears look to retest downside.
Chainlink price action has slowly declined over the past weeks, with the November low set at $23. From there, LINK/USD slowly retraced and set another lower high at $27 on the 1st of December.
Bears took over the market again over the following days. After some consolidation around $24.5 on Thursday, a heavy selloff started late on Friday. LINK/USD quickly lost 35 percent until the $17 mark.
Quick rejection higher followed early Yesterday, leading to a 25 percent recovery over the following hours. Resistance was found at $21 by midnight, leading to bearish momentum slowly returning overnight.
Chainlink price analysis is bearish today as we expect the downside to be tested again after a quick retracement to the $21 mark, where resistance was found. Likely LINK/USD needs to set a higher low before more upside can be reclaimed.