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Chainlink spikes below $21, moves to $18?

  • LINK breaks $21 support.
  • Bearish momentum still strong
  • Next support at $18.

Today’s Chainlink price prediction is bearish as the market continues moving lower after breaking below the previous swing low of $21. Therefore, we expect further lows to be set later today with the next support located at the $18 mark.

The overall market trades in the red over the last 24 hours. Bitcoin has lost 7.7 percent, while Ethereum almost 13 percent. The rest of the altcoin market follows this pattern with an even greater loss.

LINK/USD opened at $23.33 after a slight bearish close yesterday. Today the market continues moving lower and has already breached support at the $21 mark.

Chainlink price movement in the last 24 hours

The LINK/USD price moved in a range of $18.71 – $25.79, indicating a huge amount of volatility. 24 hour trading volume has decreased by 37.7 percent and totals almost $2 billion. Meanwhile, the total market cap trades at $19.3 billion, ranking the cryptocurrency in 15th place overall.

LINK/USD 4-hour chart – LINK moves lower again

On the 4-hour chart, we can see the Chainlink price breaking a lower low over the past hours as bears regain control.

Chainlink price prediction: Chainlink spikes below $21, moves to $18?
LINK/USD 4-hour chart. Source: TradingView

The Chainlink price action has continued to trade in a strong bearish momentum over the last week. From the previous all-time high at $53, the market has retraced around 65 percent. The previous major swing low around $30-$31 has also been broken, indicating a strong shift in the overall market direction.

Yesterday we saw LINK/USD consolidate sideways and close with a small loss around the $24 mark. From there, the market started pushing lower earlier today. The previous swing low support at the $21 mark was broken a couple of hours ago, meaning that the market should push even lower for the rest of today.

Right now, we can see the Chainlink price action moving towards the next support at the $18 mark. From there, we will see how the price action develops further. Therefore, the best option is to stay on the sidelines and wait for further price action development.

Chainlink Price Prediction: Conclusion 

Chainlink price prediction is bearish as the market could not move higher yesterday and currently moves below the previous swing low of $21. Therefore, LINK/USD should see further downside over the next 24 hours, with the next support located at the $18 mark.

While waiting for further Chainlink price action development, read our guides on several other popular cryptocurrencies – ZcashLitecoin, and Ripple.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.