logo

Chainlink price prediction: LINK testing key support at $18

Chainlink price prediction

TL;DR Breakdown

  •  LINK/USD price continued to move downwards.
  •  LINK rejected the $18 support.
  •  Next minor support at 16.75.

Chainlink price prediction for today is neutral as the market continues to retrace. LINK currently trades around $19.5, with a market cap of $7.7 billion. 

Chainlink price prediction: LINK testing key support at $18 1

Cryptocurrency heat map by Coin360

The overall market is in the red once again. Bitcoin currently trades around $31,000 with a 24-hour loss of 8 percent. Ethereum has moved even lower with a loss of 10.5 percent over the period.

Chainlink Price Prediction: LINK will prepare a base for the next wave up

Chainlink opened at $18.39 today after another attempt to move higher was seen yesterday. A strong support area has been reached. As explained in the previous Chainlink price prediction, LINK respected the $18 area of support with a clear rejection. 

Additionally, LINK/USD completed a head and shoulder pattern, indicating a strong reversal. A further move to the downside followed this price action signal as predicted.

However, Chainlink has not yet shown clear signs of a reversal to the upside. The analyst expects further consolidation around the $18 area of support and likely even lower, as LINK/USD prepares a base for the next mid-term move to the upside in an attempt to set a new yearly high.

Chainlink price movement in the last 24 hours

During the past 24 hours, Chainlink has lost 6.5 percent and trades in a range from $17.38 to $20.48, with a volume of $4.1 billion. However, since the opening of the new daily candle, LINK has regained much of the loss.

Chainlink Price Prediction 22.01.

Chainlink price chart by TradingView

LINK/USD 4-hour chart – Chainlink to continue consolidating?

As mentioned in the previous price prediction, Chainlink has exhausted itself over the past weeks. Analyst already expected the test of $18 level of support; however, the LINK retracement is yet to finish.

As seen on the 4-hour chart, an approximate area where LINK will likely continue forming a base for the next upswing is around the $17-18 area. Therefore, the analyst believes that LINK will see further downside in the upcoming days. 

Together with the 61.8 Fibonacci retracement level, the several week ascending trendline should form an additional support area. A long position entered from this area would provide a good risk/reward ratio with the expectation that the price of LINK/USD will move to at least $25.

If the additional support around the 61.8 percent Fibonacci retracement cannot hold, the analyst predicts that further downside over the upcoming weeks. The break of the support would invalidate the current price momentum, likely causing panic for LINK/USD price action.

The last support for Chainlink would be the $15 support as described last week. If the $15 support cannot hold, LINK should see a reversal over the following months.

As always, Bitcoin should show the price direction for the overall market. Therefore, it is worth taking a look at what our analysts think about BTC/USD.

Chainlink Price Prediction: conclusion – LINK still needs to move lower

The Chainlink price prediction is bearish in the short-term. In the coming 24 hours, LINK should continue moving lower towards the $16.5-$17 area.

LINK/USD’s price should see further retracement towards the ascending support trendline as it has offered strong support over the past weeks. This would help Chainlink to establish a new base.

Once Chainlink can form a strong base around this area of support, LINK could form a much larger, mid-term reversal. For now, however, traders should stay neutral and observe the market. If LINK moves to further lows, traders could enter a long position.

If Chainlink moves below the ascending support trend line and the $15 last support level, the analyst expects a mid-term continuation to the downside, which would invalidate the current mid-term bullish trend.

For further reading, see our guide on why Ethereum Gas price is so high right now.

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.

Lapin

Lapin

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.

Related News

Hot Stories

Bitcoin, Ethereum, VeChain, and Filecoin Daily Price Analyses – 1 October Roundup
Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, and SOL
WINkLink Price Prediction 2022-2031: How High can WIN Rise?
Paraguayan lawmakers disagree over a new crypto bill
Bitcoin, Binance Coin, Quant, and Chiliz Daily Price Analyses – 1 October Morning Prediction

Follow Us

Industry News

Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, and SOL
Solana restarted for the 8th time. What went wrong this time?
LUNC is finally deflationary
Is Africa winning in crypto adoption?
Spanish telco announces Web3 adoption