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Chainlink Price Analysis: LINK/USD bearish for the next 24 hours

Chainlink Price Analysis

TL;DR Breakdown

  • Chainlink price analysis is bearish today.
  • LINK/USD is currently trading at $26.4.
  • Selling pressure has returned overnight.

Chainlink price analysis is bearish today, as we anticipate the market to fall yet again today after the $28.65 previous high was tested. Since selling pressure rapidly returned, we believe that LINK/USD will next attempt to establish another higher low. Should the market see another rejection at this level, we expect selling pressure to return once again.

Using technical indicators; Bias is bearish, but both the RSI & Stochastic are oversold. This signals some more upside could be expected during today’s European trading session before sellers return, pushing for lower prices below $20/21. Link to charts with active buy/sell orders can be found at the bottom of this report.

Chainlink opened this week at $27.39, having seen a slight price increase yesterday, reaching $28.65 before decreasing yet again. The current price of LINK/USD is at $26.4, which is ~$2.26 less than the price at open this week, giving LINK a -1.66% decrease in price over the past 7 trading days.

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

We expected to see selling pressure return after that $28.65 previous high. This was confirmed overnight as LINK/USD reached a low of $25.1 during early morning trading.

Since the low was established, we have seen a minor upside correction as the price rose to around $26.5 before being rejected from this higher level. The market has since returned lower, once again testing that previous high at $28.65, which was tested twice earlier today, with sellers yet again refusing to break above this level.

$26/27 was discussed as a possible critical resistance zone around 12 hours ago, so we are now watching price action very closely in this area. Should the market penetrate below $25.7, it would continue to fall towards $24/23, where it is likely to find strong buying pressure.

LINK/USD 4-hour chart: LINK moves lower again

On the 4-hour chart, we can observe that the Chainlink price continues to fall today, most likely as bears look for another higher low.

Chainlink Price Analysis: LINK/USD bearish for the next 24 hours 1
LINK/USD 4-hour chart. Source: TradingView

The Chainlink price has been on a tear recently, with gains of around 50 percent over the previous swing low of $19 to the current high at $28.65.

However, the reason behind the market’s advance is primarily attributed to the recent increase in volatility. We can use a chart pattern to determine the next path for LINK/USD. Price action formed a descending triangle – This is a bearish continuation pattern and follows up on the market’s previous attempt at breaking above $28.65.

After that, the Chainlink price retested and then broke through the previous high of $28.65, with a quick downturn as a result. Since most likely resulting in another higher low set, the LINK/USD has dived significantly since.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish today, as another retracement has begun to form after a retest of $28.65 previous high. LINK/USD is likely to move to establish another higher low near the $26 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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