Bitcoin Cash [BCH] is on a bit of a downward trajectory today, as it’s trading at just under $1,200. It may continue this decline towards the end of the week. The optimistic take is that this is merely a retracement from the recent bull run and that the market will go back up to at least $1,500. However, there is a big difference between retracing and falling back down to a previous low.
Chainlink (LINK) recently released the first version of its public chain, which uses the Ethereum blockchain. LINK’s initial coin offering (ICO) raised the biggest USD volume of Ethereum in the ICO, and it’s already trading at a premium. However, LINK’s price has been much lower than its ICO price, which may be a sign that there is a lack of demand for LINKs in the market.
Summary of the situation- LINK retested resistance at $17.5 overnight.
- Strong downward pressure on Chainlink today.
- LINK/USD next target is $15.
Analysis of the chain price suggests bearish momentum for today, as the bears have broken through the $16 support level. Therefore, we can expect LINK/USD to reach the next support at $15 in the next 24 hours.
Heat map for crypto-currencies. Source: Coin360
The cryptocurrency market has been trading with significant losses over the past 24 hours. Bitcoin was down 3.7% and Ethereum was down 4.7%. Binance Coin (BNB) is still holding steady with a small gain of 0.46%.
Channel price movements in the last 24 hours The chain goes down
LINK/USD was trading in a range of $15.78 – $17.29, indicating high volatility. Trading volume fell nearly 7% over the past 24 hours to $648.8 billion. At the same time, the cryptocurrency has a total market capitalization of about $6.9 billion, putting it in 15th place overall.
LINK/USD graph 4 hours: LINK jumps below $16
On the 4 hour chart we see that the price of Chainlink is starting to fall again and has broken through the previous low around the $16 mark.
LINK/USD chart 4 hours. Source: TradingView
Chainlink’s share price has been falling steadily in recent days after a several-week rally at the end of June. LINK/USD marked a new high on the 7th. July a strong peak of $21 and could not earn more.
This was followed by several days of decline from the previous high, and the $17.5 support level was breached on the 13th. July crossed. From there, the LINK/USD jumped to $16 and reversed yesterday.
Chainlink’s stock reached the $17.5 mark last night and tested it again as resistance. From that point, the market resumed a downward move today and broke the current low at $16. This development will likely lead to further price declines in the coming days as the bears target $15 support.
Channel price analysis: Supplement
Analysis of the Chainlink price suggests bearish momentum for the next 24 hours, as the previous low around $16 was broken in the last few hours. LINK/USD is currently moving towards previous key support at $15, with further declines expected over the weekend.
In anticipation of another drop in Chainlink, read our guides on what you can buy with bitcoins, bitcoin commissions and what DeFi is.
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