- Chainlink price analysis is bearish today.
- LINK/USD saw strong buying yesterday.
- The market went below $30 overnight
The price of Chainlink is currently bearish, following a strong downside over the last 24 hours that established a lower high at $29. As a result, we anticipate LINK/USD to retreat some of its progress next, aiming to establish another higher low from which to advance later this week.
Cryptocurrency heat map. Source: Coin360
According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 3.17% and 4.65% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 5%.
LINK/USD moved in a range of $28 – $29 over the past 24 hours, showing low price volatility. Volume has increased by 45.26 percent and is now at $1.38 billion, putting the coin in 16th position overall among cryptocurrencies with a market cap of around $16.3 billion as of writing.
LINK/USD 4-hour chart: LINK to reverse as bulls are exhausted?
On the daily chart, we can see that after a strong higher high was established this morning, the advance has begun to slow down. This is likely due to a retracement over the next few days as a result of this.
In November, Chainlink’s price saw a strong upward momentum return. After establishing a powerful higher peak on October 26th, a sharp fall occurred at the end of October.
A higher low was established around $29 on the 31st of October after a failed attempt to regain the prior high. LINK/USD subsequently made two highs and lows before beginning a robust ascent on Monday.
The $34 swing high was broken rapidly, with some selling pressure returning at $35. The Chainlink price movement, on the other hand, shot higher again this morning, bringing the current monthly high at $35.6.
The price of Chainlink is up today, thanks to a significantly higher high set at $35.5 following an increase this morning. However, selling pressure returned overnight, suggesting that we could see a reversal later today as bulls are weary.