Today’s Chainlink price prediction is bearish as the market set a new lower high below the $40 resistance and currently trades lower. Therefore, we expect LINK/USD to retest the $35 support over the next 24 hours.
The overall cryptocurrency market trades in the green today. The market leader, Bitcoin, remains flat with a 0.83 percent gain. Ethereum has posted better performance with 7 percent to the upside as a new high thigh was set late Yesterday. The best performance from the top altcoins is seen for Binance Coin (BNB), which is up by almost 18 percent.
LINK/USD opened at $39.05 after a strong rally from the $33 support yesterday. Overnight, the market started to reverse, indicating we might see another push lower later today. From the past 3 lows, a descending trendline has been established, meaning that we can expect further downside until it is broken.
LINK/USD moved in a range of $35.39 – $39.45, indicating strong volatility. 24-hour trading volume has dropped by 26.2 percent and totals $2.57 billion. Meanwhile, the total market cap stands at $15.7 billion, ranking the cryptocurrency in 12th place overall.
When looking at the 4-hour chart, we can see the Chainlink price action shifting back to the downside over the past hours. This should lead to further downside later today.
Overall, Chainlink has performed well over the past weeks. A total gain of around 85 percent was seen from the $24 low, set on the 24th of April. After a sharp spike higher last week, a new all-time high was set at the $44 mark. From there, the market consolidated for several days.
After a retest of $44 on Saturday, LINK/USD made a strong push lower until support was found around the $33 mark. After a brief move higher and another retest of the $33 support, LINK retraced most of the previous loss on Sunday and set another lower low at $42.
The extreme volatility continued on Monday, and another spike lower was made, this time with a brief break below the $33 support. However, bulls quickly picked up any further selling pressure, and the market reversed to set another lower high below the $40 mark overnight.
Currently, Chainlink looks to move lower again as further upside was not seen below the resistance. Since a descending trendline of resistance was confirmed with the last lower low, we can assume LINk will continue moving lower until a clear breakout is seen.
If the market sets another higher low above the $35 mark, we should see the market trade in an increasingly tighter range over the remaining week. As the overall medium-term bullish movement has been retraced by around 25 percent, we don`t expect much further downside. Therefore, the best option is to wait for further Chainlink price action development in the form of a higher high.
Chainlink price prediction is bearish as resistance below the $40 mark was found overnight. Additional resistance is provided by the descending trendline, which, until broken to the upside, indicates that we will see further downside later today. Therefore, we expect the $35 support to be retested again later today.
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.
This post was last modified on November 6, 2021 4:04 pm
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