Chainlink Price Analysis: LINK peaks at $28.65 again, headed lower today?

Chainlink Price analysis

TL;DR Breakdown

  • 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.

Chainlink Price Analysis: LINK peaks at $28.65 again, headed lower today? 1
Cryptocurrency heat map. Source: Coin360

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

Chainlink price movement in the last 24 hours: Chainlink sets higher low, retests previous high

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.

Chainlink Price Analysis: LINK peaks at $28.65 again, headed lower today?
LINK/USD 4-hour chart. Source: TradingView

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: Conclusion 

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.

While waiting for Chainlink to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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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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