- Chainlink price analysis is bearish today.
- LINK/USD saw another rejection at the previous high.
- Selling pressure has returned overnight.
Chainlink price analysis is bearish today as we expect the market to decline again today after the $28.65 previous high was retested. Since selling pressure quickly returned, we assume LINK/USD will look to set another higher low next.
The market has seen mostly bearish results over the last 24 hours. The market leader, Bitcoin, gained 0.55 percent, while Ethereum lost 0.41 percent. Meanwhile, Chainlink (LINK) traded with a small gain of 0.3 percent
LINK/USD traded in a range of $25.35 – $28.57, indicating substantial volatility over the last 24 hours. Trading volume has increased by 7.43 percent, totaling $3.29 billion. Meanwhile, the total market cap trades around $12.67 billion, ranking the coin in 16th place overall.
LINK/USD 4-hour chart: LINK moves lower again
On the 4-hour chart, we can see the Chainlink price pushing lower again today, likely as bears look to set another higher low.
The Chainlink price has seen a strong advance over the past weeks. From the previous swing low at $19, LINK/USD has gained 50 percent to the current high at $28.65.
However, increased volatility does indicate large interest from bears in the market. Yesterday, LINK quickly lost around 11 percent as it spiked to $25, establishing another higher low.
From there, the Chainlink price retested the current high at $28.65, with a quick reaction lower. LINK/USD has pushed lower since likely leading to another higher low set.
Chainlink price analysis is bearish today as another retracement has started to develop after a retest of $28.65 previous high. Likely LINK/USD will move to set another higher low around the $26 mark.