TL; DR Breakdown
- Chainlink price analysis is bearish today.
- Chainlink is trading positively on the daily heat map, recording more than a 3 percent price surge.
- In the last few weeks, Chainlink’s price has seen a high volatility.
The daily Chainlink price analysis chart began off while sellers controlled the market, causing a price surge. The buyers dominated the market for the first 15 minutes sending the prices to intraday high. Sellers came into the market and caused resistance at the intraday high of $30. This resistance was significant as it made the prices drop formin several inverted triangle patterns to the lows of $28.3.The bulls had created a week of support that made the sellers push the prices to $28.8, where they faced another strong resistance from the bears. The sellers came in large numbers sending the prices to intraday lows of $27.9.
Chainlink price analysis is bearish today as a strong resistance was create in the early trading hours by the bears making the prices trade in a bearish trend on the daily chart. Therefore, we expect LINK/USD to gather momentum for a push higher over the next 24 hours and look to return to the $30 resistance.
The cryptocurrency heat map reveals that the market is trading moderately. The color blue represents a higher volume of transactions. With the red bars having equal spots as the green bars on the heat map, BTC is in a slight bear trend (-0.46 price variation). Ethereum (ETH), which is ranked second by market capitalization, has risen in value modestly, trading at $3.3 K. The BNB is currently trading with over 1 percent gain in value. Atom was the most incredible performer, gaining 21% in rice price. Chainlink is trading in a positive momentum recording more than a 3 percent price surge.
LINK/USD 4-hour chart: targets the $30 resistance next?
On the 4-hour chart, Chainlink’s price action aims to break above $28 and establish support there. The $30 mark is a significant barrier that has kept LINK/USD from reclaiming prior swing highs.
In the last few weeks, Chainlink’s price has seen a lot of volatility. On September 6, LINK/USD had a substantial reversal when it rallied from the $25 support to the $36 swing high over the initials days.
The Balance of Power indicator is negative, implying that the LINKUSD market is controlled by bears. Bulls are battling to reverse the bear trend. The sellers have overwhelmed the bulls, thus pushing the market more profound into a bearish trend.
Today Chainlink price analysis is bearish. However, the bulls can reverse the bearish trend and set a bullish momentum that will surpass the intraday highs of $30.
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