Chainlink Price Analysis: LINK fails to hold above $25, set to retrace?

Chainlink (LINK) is an Ethereum based, enterprise-grade smart contract oracle protocol. The LINK token acts as a bridge between Ethereum and legacy financial systems, providing oracle services for fields such as banking, insurance, supply chain and IoT.

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The cryptocurrency LINK, which is down nearly 40% during the last month, has formed a short-term base off of the $25 level. The market seems to recognize that the currency is not in a good position and is trading lower in the short-term. The current market of LINK is of particular note, as the last $25 retracement level that LINK has broken has yet to be seen. This suggests that LINK is likely to take out this level, and fall back towards the $12.50-13 level, where LINK has previously broken.

Chainlink (LINK) is a new cryptocurrency that’s set to change the way the world transfers value. Serving as the fundamental building block of decentralized network applications, LINK is designed to facilitate secure, low-cost, end-to-end value transfer. LINK has a market capitalization of slightly over $100 million, and is up over 17.5% over the last 24 hours.. Read more about chainlink technical analysis and let us know what you think.

TL;DR Summary

  • LINK has recovered from yesterday’s $22 support.
  • Around $25, resistance was discovered.
  • Chainlink has been poised to retrace its steps.

As additional upside was denied earlier today, and the market is set to retrace, Chainlink price research predicts negative momentum over the next 24 hours. As a result, we anticipate LINK/USD testing the $22 support level again later this week.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the cryptocurrency market has had a mixed bag of outcomes. Bitcoin and Ethereum, the market leaders, have dropped 1.67 and 1.29 percent, respectively. Cardano (ADA) and Binance Coin (BNB) are among the best-performing coins, with gains of 3.9 and 2.3 percent, respectively.

The price of Chainlink has changed in the past 24 hours: Chainlink is unable to break over the $25 barrier.

Over the past 24 hours, LINK/USD has traded in a range of $23.51 – $25.48, showing moderate volatility. The volume of trading has dropped by 1.87 percent to $1.12 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $10.96 billion, putting it in 14th position worldwide.

LINK/USD 4-hour chart: Is LINK preparing for another retracement? 

On the 4-hour chart, the Chainlink price action is refusing additional higher, indicating a pullback in the next days.

Chainlink Price Analysis: LINK fails to hold above $25, set to retrace? 4-hour chart of LINK/USD. TradingView is the source of this information.

Over the last several weeks, the price of Chainlink has been dominated by a strong bullish trend. LINK/USD began to rise after a clear lower swing bottom was made at $13.4, finally breaking over the $21 barrier. 

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Following that, the price rose much higher, approaching $25. The Chainlink price momentum, on the other hand, has slowed in recent days, with just marginally higher highs being made each time. 

This price movement suggests that a far greater turnaround is on the way in the coming weeks. However, LINK/USD must first break through the $22 support level. We may anticipate further efforts to surge over the $25 level before then.

Conclusion of the Chainlink Price Analysis 

As additional upside was denied earlier today, Chainlink price research suggests that negative momentum will continue in the next days. As a result, the positive momentum in the LINK/USD pair has likely peaked, and we may anticipate another challenge of the $22 level later this week. 

Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.

Disclaimer: The material on this website is not intended to be trading advice, assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Chainlink (LINK) has been in a long decline since its all time high at $5.04 in mid-August. This week a long downtrend has been forming since yesterday on a break below $25 support. As the week progresses, we expect to see strong selling pressure as investors look for a way to exit the market.. Read more about chainlink will explode and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • chainlink coin news
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