As we approach the end of the month, prices of the cryptocurrency market are grinding higher, with the market cap of USD 39 billion now approaching USD 50 billion for the first time on record. Chainlink (LINK) is among the market leaders, currently priced at $20, with the currency trading at $20.97 in US dollar terms. The cryptocurrency has been relatively stable throughout August, with price action closely tracking the price of Bitcoin, which is currently moving above $6,000.
The Chainlink price has been fluctuating in a tight range around $20.00 since our last analysis. If price breaks this range, a retest of the $16.50 support could be in order, with the next target at $25.00.
As the first of three critical support levels to watch on Chainlink (LINK), the $20 level was a significant support area for Link and we saw a sharp re-test on the level. LINK is now back above $20, which should likely be seen as a failure of the $20 support.. Read more about chainlink price prediction and let us know what you think.Summary of the situation
- LINK dropped last night.
- Support around the $20 level is still in place.
- Resistance at the $26 level.
Today’s price analysis for the chain is bearish, as the market retested $20 support overnight and is preparing for a breakout. Therefore, we can expect LINK/USD to jump to $15 in the coming days.
A heat map of crypto-currencies. Source: Coin360
The general market has moved into negative territory over the past 24 hours. Bitcoin remained relatively stable, while Ethereum lost almost a percentage point. The rest of the altcoin market follows this pattern of slightly downward momentum.
Chain link price changes in the last 24 hours
LINK/USD was trading in a range of $20.10 – $21.94, indicating moderate volatility. Trading volume fell 34.2% to $750 billion. At the same time, the total market capitalization is $8.94 billion.
LINK/USD 4-hour chart – LINK retest $20 support
On the 4-hour chart, we see that Chainlink shares continue to decline over the past few days, reaching the $20 level, which will likely be broken later today.
4-hour chart LINK/USD. Source: TradingView
Looking at Chainlink’s action in recent weeks, we can see that the market continues to pull back from the last major high at $35. At that point, there was a 40% pullback to the $20 support level.
This followed a very sharp decline in May, after which a clear support level was established around the $15 level, from which LINK/USD rose rapidly. From there, LINK/USD hit resistance at $35, which must be broken if we are to see a clear signal for a reversal in the overall uptrend.
There was a slight spike around the $26 level in recent days, suggesting that the bulls are looking to regain momentum in price action. But since Chainlink has fallen back to the $20 level, we can assume that the market is still bearish.
Thus, we could see a new low in the next 24 hours, while the LINK/USD pair continues to decline towards the previous key support level of $15. If the $20 level holds, we can expect another attempt to break above the current local high of $26.
Channel price analysis: Supplement
Chainlink’s price analysis is bearish as we can expect a breakout of the $20 level later today. From there, the next support is near $15 and that would mean a 30% drop.
While we wait for more price action from Chainlink, read our guides on DeFi, bitcoin commissions and what you can buy in bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Unlike the past few weeks, things are looking more positive for Chainlink (LINK) which is testing a $20 support level. If the initial bounce at $22.5 fails to materialize, LOKI should be able to retest the lower $20s and the $18.5 support level, which is the key immediate support to the recent uptrend.. Read more about altcoin breakouts and let us know what you think.
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