- LINK moves away from the $35 support overnight.
- LINK/USD retests the $41 support as a resistance.
- Bears likely ready to push the market lower again.
Today’s Chainlink price prediction is bearish as previous major support has been retested as resistance. Some signs of rejection for further upside have already been set, indicating that LINK/USD is ready for another push lower over the following 24 hours.
The overall market trades relatively calm. Bitcoin trades with a small loss of 0.48, while Ethereum has gained 2 percent. From the major altcoins, Litecoin and Tezos are the best performers with a 10 percent gain.
LINK/USD opened at $37.22 today after a strong bearish push lower yesterday. Over the past hours, the Chainlink price set another lower high around the $41 mark, indicating that we can expect further bearish price action over the next 24 hours.
The LINK/USD price moved in a range of $35.45 – $41.71, indicating a substantial amount of volatility. The trading volume over the last 24 hours has dropped by 18.89 percent and totals $2.4 billion. Meanwhile, the total market cap trades around $17.2 billion, ranking the cryptocurrency in 13th place overall.
LINK/USD 4-hour chart – LINK fails to move above $41
On the 4-hour chart, we can see the market preparing for another push lower over the past hours.
The overall market is still bullish when looking at the price action over the past months. However, after gaining more than 70 percent over the end of April and the beginning of May, LINK set a new all-time high at the $53 mark.
From there, LINK/USD started to retrace, with the first low set at the $41 mark. Over the following days, several lower highs were set until the current low of $35 was reached. Therefore, the Chainlink price has retraced more than 33 percent and trades relatively close to the previous major swing low of $30. This could indicate that the several-day retracement comes to an end and we can expect a reversal to the upside later this week.
First, LINK/USD has to establish a higher low, from which to build a base to push higher. Since LINK currently tests the previous major support at $41 as resistance, we are likely to see another push lower over the next 24 hours.
Chainlink price prediction is bearish as the market could not move above the $41 previous major support that now acts as a resistance. Therefore, we expect LINK/USD to move towards the next support at the $33 mark over the next 24 hours.
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