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Chainlink (LINK) Price Analysis for September 25

Can Chainlink (LINK) keep growing while the other coins are mostly trading sideways?

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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.

After a sharp decline, a slight correction has arrived on the cryptocurrency market. As a result, all Top 10 coins are in the green zone, while Chainlink (LINK) is the top gainer among them, having added 16.59 percent over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Due to the rise of most of the crypto assets, the total market capitalization has added $10 bln since yesterday. Now the index is at $337 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Chainlink today:

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  • Name: Chainlink

  • Ticker: LINK

  • Market Cap: $3,453,286,153

  • Price: $9.87

  • Volume (24h): $2,516,686,167

  • Change (24h): 16.59%

The data is relevant at press time.

LINK/USD: Can bulls hold the $10 mark?

Chainlink (LINK) has recovered from the fall faster than all other Top 10 coins. The price change over the last 24 hours has made up almost +17%.

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

On the hourly chart, Chainlink (LINK) might have already finished the growth as the trading volume has decreased. Thus, liquidity is also low at the current levels, which means that the altcoin is unlikely to update the local peaks. However, at the moment, the price of the coin is going up. Traders may expect a false breakout of the $10.23 mark before an upcoming drop.

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

On the 4H time frame, the situation is rather more bearish than bullish. Chainlink (LINK) could not break the falling channel, having formed a false breakout. Thus, the lines of the MACD indicator are about to change to red, which will confirm bears' dominance.

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That is why there is a high chance that the altcoin will retest the closest support zone at $9.37 in the near term.

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

On the daily chart, the altcoin has bounced off the support at $7.50 and is now trying to fix above the important $10 mark. From the technical point of view, it might break above it; however, further growth is unlikely due to the declining trading volume. In this regard, the more probable scenario is sideways trading in the range between $10 and $11.

Chainlink is trading at $9.86 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