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Chainlink (LINK) Price Analysis for Sept. 15

Has the decline of Chainlink (LINK) ended or may we expect another one?

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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.

Bulls remain more powerful than bears on the cryptocurrency market. Almost all of the Top 10 coins are in the green zone except for XRP and Binance Coin (BNB), whose rates have declined by 0.14% and 3.26%, respectively.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The overall market capitalization keeps rising and currently sits at $347 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant Chainlink data is looking the following way today:

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  • Name: Chainlink

  • Ticker: LINK

  • Market Cap: $4,192,856,132

  • Price: $11,98

  • Volume (24h): $1,473,944,074

  • Change (24h): 0.32%

The data is relevant at press time.

LINK/USD: Can the drop to $10 continue before bulls seize the initiative?

The rate of Chainlink (LINK) has not increased that much over the last day compared to other altcoins. The rate has grown by 0.32%.

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

On the hourly chart, Chainlink (LINK) has retested the support zone at $11.80 where bulls have shown their power. However, the buying trading volume is not enough to keep growth to the local peak level. What is more, the RSI indicator has formed a bearish divergence, which confirms the strong position of sellers. In this case, there is a high probability of seeing LINK at the support of $11.80 soon.

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

On the 4H time frame, bulls have confirmed the short-term rise of Chainlink (LINK), which is supported by high liquidity. In addition, the lines of the MACD indicator have almost entered the green zone. If growth continues, the altcoin may get to the nearest resistance zone at $12.47 by the end of the week.

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

On the daily chart, the situation is rather bearish than bullish. Chainlink (LINK) has bounced off the support at $11.80; however, it is not enough to keep growing as the liquidity, as well as the volume, is low. That is why the more likely scenario is another wave of decline to $9.75 before a new bull run starts.

Chainlink is trading at $12.05 at press time.

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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