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Chainlink Price Analysis: LINK tests $32 as resistance, reversal to follow?

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  • Chainlink price analysis is bearish today.
  • LINK/USD set higher low yesterday.
  • Bullish momentum is exhausted.

Chainlink price analysis is bearish today as the market has slowed down after reaching the $32 resistance. Therefore, we expect LINK/USD to reverse again and set another higher low.

Chainlink Price Analysis: LINK tests $32 as resistance, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin lost 0.61 percent, while Ethereum gained 0.9 percent. Meanwhile, Polkadot (DOT) is among the top performers, with a gain of over 12 percent.

Chainlink price movement in the last 24 hours: Chainlink rallies back to the $32 resistance

LINK/USD traded in a range of $30.09 – $31.87, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 24.44 percent and totals $1 billion, while the total market cap trades around 14.4 billion, ranking the coin in 14th place overall.

LINK/USD 4-hour chart: LINK to reverse from $32?

On the 4-hour chart, we can see Chainlink price action showing signs of exhaustion below the resistance, indicating another retracement will follow.

Chainlink Price Analysis: LINK tests $32 as resistance, reversal to follow?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action saw strong bullish momentum over October. From the previous major swing low at $21, LINK/USD moved to $34 on the 26th of October.

However, from there, a strong retracement followed, pushing LINK to $28 previous resistance turned support. LINK/USD attempted to recover at the end of last week, peaking at $32.

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Another retracement lower followed, setting a higher high at $29. Yesterday, another push higher resulted in the $32 previous high tested. For now, the market seems to be exhausted,  likely leading to another retracement later today.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish today as bulls could not breach the $32 mark after a strong rally yesterday. Therefore, we expect LINK/USD to retrace in an attempt to set another higher low.

While waiting for Chainlink to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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Chainlink Price Analysis: LINK/USD set to break above $25 by midnight

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  • Chainlink price analysis is bearish.
  • LINK/USD retraced to $25 yesterday.
  • LINK/USD is currently trading at $24.5.

Chainlink price analysis is bearish today, as we expect another lower low to be made beyond the current support at $23, which would mark the end of a devastating 5% fall. The next major support for LINK/USD is seen at $22, and it will most likely be broken in the following 24 hours.

Yesterday’s Link low was placed at $26.3. LINK/USD saw a very strong increase in volatility and started plummeting shortly after that, with the new lows being made significantly lower than the previous ones. 

The market rebounded soon after to $27, but this didn’t stop it from dropping again, and currently testing the key support level at $23. The next important levels are seen below $22: Previous low which stopped out many longs during previous swings from higher levels;  currently being retested as support again

Today’s Asian session opened at $24 for LINK/USD, and we saw a sharp fall to $23 within an hour of trading. The previous low at $22 was taken out before we created new lows towards $21 over the past 24 hours.

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Chainlink’s 100 SMA has fallen below its 200 SMA, showing that sellers have won control of the market. The line or support where buying pressure is expected to build up and push the price back toward the resistance at $27 is defined by this crossover point.

Alternatively, a break below this line of support will signal that selling pressure is picking up and may lead to a drop-down to either support at $21 or even the long-term floor at $20.

The RSI and Stochastic indicators have entered the negative territory, suggesting that they’re on the verge of forming bearish divergence patterns. This indicates that bulls are still in control but that bears will need more time to recover.

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LINK/USD 4-hour chart: LINK set to drop further?

On the short-term chart, we see Chasinlink price retracing back to its $23 previous low this morning, setting up for more selling later today.

Chainlink Price Analysis: LINK/USD set to break above $25 by midnight 1
LINK/USD 4-hour chart. Source: TradingView

The price of Chainlink has continued to drop this week. The LINK/USD pair first dropped below $38, the previous major swing high set on November 10th, and has subsequently declined by around 40 percent to $23.

The price has been declining steadily since then, and it appears that bearish pressure is on the rise once more. Yesterday, LINK recovered some of its losses and returned to test previous resistance at $25 as a barrier.

The dismal performance of altcoins in the last 24 hours has seen Chainlink prices drop from a high of $23 yesterday to $22 today. The seventh-ranked cryptocurrency by market capitalization is currently swapping hands at $23.

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The $23 level was reached around midnight, and there has been little consolidation since bears are still unwilling to give in. However, the Chainlink price will continue to drop throughout today as the overall momentum remains extremely negative.

Chainlink Price Analysis: Conclusion 

The Chainlink price prediction is bearish today because we expect the value to fall further following this morning’s bearish momentum. We anticipate that the LINK/USD pair will break lower, with support at $22.

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Chainlink price support weakens, LINK at risk of 30% correction

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  • Chainlink price is positioned above its final support level before a massive 30% drop could occur.
  • Key resistance must be broken to prevent a collapse.
  • Oscillator levels and price action support a bounce from the sell-off.

Chainlink price has dropped by more than 40% since November 10th, representing three weeks of intense selling pressure. Bulls are looking for a reprieve, however, as December is just around the corner. Bears, meanwhile, are awaiting support to give way for further downside price action to unfold.

Chainlink price must hold $22 to continue higher

Chainlink price action, like many of the top market cap cryptocurrencies, is at risk of a significant downside move. Chainlink is currently in the weakest trading condition it has been in since June 5th, 2021. All conditions necessary for an Ideal Bearish Ichimoku Breakout are present:

1. Current close below the Tenkan-Sen.

2. Current close below the Kijun-Sen.

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3. Current close below the Cloud (Senkou Span A and Senkou Span B).

4. Chikou Span below the candlesticks and in open space.

5. Future Senkou Span A below Future Senkou Span B.

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Bulls have a difficult road ahead if they want to return to a bull market. The first resistance zone ahead is $25.80, where the daily Tenkan-Sen and 50% Fibonacci retracement exist. Above that resistance level, Chainlink price will face the most potent resistance at the 2021 Volume Point Of Control and Senkou Span B (the strongest Ichimoku level) at $27.50. Rejection at either of these two resistance levels could trigger renewed selling and another test of Chainlink’s final support at $22.

LINK/USDT Daily Ichimoku Chart

Because the Optex Bands oscillator shows Chainlink price at extreme lows, the downside risk may be limited. Additionally, there is regular bullish divergence now between the price chart and the Composite Index. The Relative Strength Index shows that Chainlink is currently below the final oversold level of 40, however, a condition that could transition into a bear market.

Failure to hold $22 as support could trigger a swift sell-off to the $17 value area.

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Chainlink Price Analysis: LINK tests previous low at $23, more downside to follow?

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  • Chainlink price analysis is bearish.
  • LINK/USD retraced to $25 yesterday.
  • The previous low at $23 is currently tested again.

Chainlink price analysis is bearish today as we expect another lower low to be set past the current support at $23 as the overall bearish pressure is still strong. Next support for LINK/USD is seen at $22 and likely will be reached over the next 24 hours.

Chainlink Price Analysis: LINK tests previous low at $23, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. Bitcoin lost 0.47 percent, while Ethereum 0.54 percent. Meanwhile, Terra (LUNA) still holds in the green, with a gain of 5.6 percent.

Chainlink price movement in the last 24 hours: Chainlink recovers to $25, continues moving lower

LINK/USD traded in a range of $23.23 – $24.77, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 29.63 percent, totaling $689 million, while the total market cap trades around $11 billion, ranking the coin in  20th place overall.

LINK/USD 4-hour chart: LINK set to drop further?

On the 4-hour chart, we can see the Chasinlink price returning back to the $23 previous low this morning, likely leading to further downside later today.

Chainlink Price Analysis: LINK tests previous low at $23, more downside to follow?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has continued to move lower this week. From the previous major swing high at $38, which was set on the 10the of November, LINK/USD has already retraced around 40 percent to the $23 mark.

Yesterday, we saw LINK recover some of the loss and move to retest previous support at $25 as resistance. After some consolidation, bearish momentum slowly returned by the end of the day, leading to more downside overnight.

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The $23 mark was reached around midnight, with small consolidation seen since bears are not yet ready to break lower. However, the Chainlink price should continue lower later today as the overall momentum is still very bearish. 

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish today as we expect further drop lower after bearish momentum saw return this morning. Likely, LINK/USD will see a break lower by the end of the day, with the next support at $22.

While waiting for Chainlink to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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