Back

Chainlink (LINK) Price Analysis—Has the Correction Started After Rise to $20?

When can traders expect to see Chainlink (LINK) at $15?

article image
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 new week has started with the continued growth of the cryptocurrency market. Most of the coins are in the green zone, except for Chainlink (LINK), whose rate has declined by 4.13% over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The market capitalization has also increased by a few billion and now is $370 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Chainlink today:

Ads
Ads

  • Name: Chainlink

  • Ticker: LINK

  • Market Cap: $5,722,209,638

  • Price: $16.35

  • Volume (24h): $1,547,620,596

  • Change (24h): -4.68%

The data is relevant at press time.

LINK/USD: Analyzing the potential bounce off zone?

Chainlink (LINK) has failed to fix above $17 and confirmed the ongoing decline as a part of the correction phase. The rate of the 5th most popular coin has gone down by 4% while the price change over the last week has been +6.58%.

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

On the hourly chart, Chainlink (LINK) is located between the support line of the Bollinger Bands indicator and the basic one. Although the drop remains the primary scenario, one may expect a slight rise to the resistance at $16.95. At that point, there is a high possibility of a false breakout. However, if bulls seize the initiative and fix above $17, the long-term bullish trend will continue.

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

On the 4H time frame, bears are becoming more powerful as the trading volume is going down. What's more, the lines of the MACD indicator have just entered the bearish zone.

👉 MUST READ Chainlink (LINK) Oracles to Be Used In Weather Broadcasting Service. Why Its Game-Changingrelated article image

Besides, liquidity is high in the range of $15-16. To sum up, the more likely scenario is a decline to the support at $15.68.

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

On the daily chart, sellers are also more active than buyers. At the moment, there are no prerequisites for a possible reversal as the buying volume is low. Thus, the falling channel formed on Aug. 16 has not been broken. In this case, a decline to $14.64 may occur soon if bulls do not seize the initiative.

Chainlink is trading at $16.35 at press time.

 

Subscribe to CryptoComes.com on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

article writer image
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