Home Cryptocurrency Chainlink price prediction: Chainlink fails to retest $40, prepares for another move lower

Chainlink price prediction: Chainlink fails to retest $40, prepares for another move lower

by Serge Shlykov

Summary of the situation

  • LINK finds resistance at the $39 level.
  • The next support is at $33.
  • Intermediate support is $35.

The price outlook for Chainlink is bearish today, as the market has set a new low below $40 resistance and is now starting to trade lower. Therefore, we expect LINK/USD to revise support towards $35 in the next 24 hours.

Crypto currency heatmap. Source : coin360

The overall crypto-currency market is trading in the green today. The market leader, bitcoin, remains stable with an increase of 0.83%. Ethereum performed better with a 7% rise, hitting a new high late yesterday. The best results of the major altcoins are seen in Binance Coin (BNB), which is up nearly 18 percent.

LINK/USD opened at $39.05 after yesterday’s strong rally from $33 support. Last night the market began a reversal, suggesting that we could see a further downward push today. A downtrend line has been established from the last 3 lows, which means we can expect another downtrend until it is broken.

Chain link price changes in the last 24 hours

The LINK/USD exchange rate moved in a range of $35.39 – $39.45, indicating high volatility. Trading volume fell 26.2% to $2.57 billion, while the total market size is $15.7 billion, putting cryptocurrencies in 12th place.

LINK/US Dollar 4-Hour Chart – LINK sets a new low.

On the 4 hours chart we can see that Chainlink’s share price has fallen in the last few hours. This should lead to further negative consequences today.

LINK/USD 4 hour chart. Source: TradingView

Chainlink price prediction: Chainlink fails to retest $40, prepares for another move lower

Overall, Chainlink has performed well in recent weeks. The total profit was about 85% of the amount reported on the 24th. The low point in April was $24. After last week’s rise, a new high was reached at $44. Then the market consolidated for a few days.

After LINK/USD retested the $44 level on Saturday, a strong downward push took place until support was found around the $33 level. After a brief rebound and a retest of support at $33, LINK reversed most of its earlier loss on Sunday and set a new low at $42.

The extreme volatility continued on Monday with another downside breakout, this time with a minor breakout below $33 support. However, the bulls quickly absorbed any additional selling pressure and the market reversed and set a new low below $40 overnight.

Chainlink is currently following a new downtrend, as no other uptrend is visible below the resistance level. Since the downward resistance line was confirmed by the last low, we can assume that LINK will continue to decline until a clear breakout is seen.

Should the market make a new low above the $35 level, we would see the market trade in an increasingly narrow range for the rest of the week. As the medium-term uptrend has generally recovered by about 25%, we do not expect further declines. Therefore, it is best to wait for the Chainlink action to develop in the form of a higher peak.

Price forecast for Chain Link: Supplement

The price outlook for Chainlink is bearish, as resistance was found below $40 overnight. Additional resistance is provided by the downtrend line, which has not yet been broken upwards, but suggests that we will see a new downtrend today. Therefore, we expect the $35 support to be reaffirmed today.

Pending further developments on Chainlink’s pricing, see our article on free Ethereum. To learn more about other popular altcoins, read Stellar and Polkadot’s long-term price predictions.

Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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