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Chainlink (LINK) Price Analysis for 15/08

Could Chainlink (LINK) reach $20 by the end of Summer 2020?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The weekend started with a correction of some of the Top 10 cryptocurrencies. Chainlink (LINK) is the biggest loser from the list, having declined 3.25% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 Coins by CoinMarketCap

Despite the current price drop, the cryptocurrency market has increased significantly since last week. Its total capitalization has increased by $20 billion and now sits at $372 billion.

Cryptocurrency market capitalization
Cryptocurrency Market Capitalization

Below is the relevant data for Chainlink and how it's looking today:

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  • Name: Chainlink

  • Ticker: LINK

  • Market Cap: $5 909 765 339

  • Price: $16,89

  • Volume (24H): $1,568,748,395

  • Change (24H): -2.71%

The data was relevant at press time.

LINK/USD: How Long Can Chainlink Remain in the Top 5?

Even though Chainlink (LINK) is today's biggest loser, its rate has skyrocketed up 60% from the last 7 days, which means that buyers have confirmed a bullish trend.

LINK/USD chart by TradingView
LINK/USD Chart by TradingView

Looking at the hourly chart, Chainlink (LINK) is consolidating between the $16.50-$17 range. The trading volume is declining, which means that the bulls are losing their efforts and a possible correction awaits us.

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However, the liquidity level is still high, which means that there are buyers who still want to buy LINK at the current prices. This is why a short-term rise to $17.44 may happen, followed by a more profound price drop.

LINK/USD chart by TradingView
LINK/USD Chart by TradingView

Looking at the bigger chart, Chainlink (LINK) made a false breakout at the $18 mark, confirming the lack of buyers to maintain the rise. Although the long-term trend remains bullish, a deep correction is needed to continue the price rise. Furthermore, the buying trading volume is going down, which considers an upcoming decrease. If that occurs, the closest support zone is $16.12, and that may be attained within the next few days.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

Looking at the daily time frame, Chainlink (LINK) is trading within the ascending channel that was formed at the beginning of August 2020. The trading volume is not so high as before, which means that the altcoin may decline to gain efforts for a further price decline before updating peaks. To sum it up, the bulls may retest the $18.35 mark before the start of a correction.

At press time, Chainlink was trading at $16.86.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com