TL;DR Breakdown
- The price is fluctuating between a low of $15.1 and $14.8 in the last 24 hours
- Current support is set at $14
- Resistance is slowly reducing and might get overrun by the bulls soon
- Likely to hit the $16 mark in the next few hours
- Chainlink market might recover further in the next few days
Our Chainlink price analysis shows an overall bearish rally over the last 10 days, ever since the price reached a recent high of $20.2 on the 6th of July. However, buyers are generating some bullish momentum today after consistently getting exhausted over the last two days.
In a larger perspective, the market today has a bullish sentiment. Bitcoin has gained 0.82 percent whereas Ethereum has increased by around 4.93 percent. At the same time, other altcoins such as ADA, DOGE, and XRP are also showing the same pattern.
If we look at the 1-day graph in Chainlink price analysis, it is apparent that the market has been bearish for the most part throughout June and July. With the support set at $14, it is unlikely that the Chainlink price will fall any lower than that. However, it may indefinitely continue to fluctuate between $14 and $17, before bulls start generating high momentum.
LINK/USD 24-hour trends – Can the Chainlink retrace to $17 today?
Over the last 24 hours, a high amount of volatility can be seen in the Chainlink market. The price is fluctuating between a low of $15.1 and $14.8. With a total market cap set at $15.84 billion, Chainlink currently stands in the 15th spot.
The MACD analysis reveals a bullish momentum in the last 24 hours. The histograms are in the greens, which suggests that the market might be ready to recover and the same is evident in our Chainlink price analysis.
At the same time, the RSI is around 55 which is a good indication that the market is not undersold anymore. Though, it peaked to 63 today at 1:00 and has fallen since but remains above the undersold line as per Chainlink price analysis.
Overall, the Chainlink market might be slowly recovering. There is a good chance that the price will further increase in the next few hours and hit the $17 mark, despite the short bearish bouts in-between from the overwhelmed sellers.
LINK/USD 4-Hour Graph – Is the Market Gaining Bullish Momentum?
The 4-hour chart of our Chainlink Price analysis shows a pattern pretty much like the 1-hour chart. The MACD shows that the resistance is reducing, and the market has gained some bullish potential over the last 20 hours.
Though, the RSI in the last 4 hours lies beneath 50, at the 46 levels. At this point, the market is still not undersold and there is good potential for recovery. However, there is a slight decrease in the slope of the RSI curve. Some resistance is certainly present, but it does not seem high enough to be a cause of concern for investors at the given moment.
Chainlink Price Analysis Conclusion – Crossing the $16 mark soon?
While there is fierce competition between the resistance and the bullish momentum over the last 24 hours, the prospects for the next few hours seem good. Resistance seems to be reduced while the bulls are gearing an upper hand.
It is highly likely for Chainlink to cross the $15 mark in the next few hours if a bounce back does happen. Over the next day or two, there are good chances for the price to retrace back to $17, if the current patterns remain consistent.
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