In the last 24 hours, we have seen the price of Chainlink climb again, testing the $41 resistance level for the second time in just over a week. The price drop that followed the first test of $41 looks to have been a real pullback, rather than a pause in the climb that we saw on March 30th, as the price has pulled back to $37.38 at the time of writing. The price of Chainlink has been trending up over the last few weeks as the cryptocurrency market as a whole has been recovering.
Since its inception in July, the Chainlink cryptocurrency has undergone many dramatic changes. The token first saw wide trading volumes in late October, when it rose in price by over 30 percent over a period of a week. Since then, the price has been subject to several different trends, some of which have been fueled by current events in the world of blockchain.
The Chainlink price has been declining for the past few days, after reaching a high of $0.44 on Thursday. This is mainly due to the recent bearish momentum that has affected the wider cryptocurrency market. That being said, the Chainlink price has so far held above the $41 level. If it continues to do so, this could be a sign of a potential reversal.. Read more about litecoin analysis and let us know what you think.Summary of the situation
- LINK moves away from $35 support overnight.
- LINK/USD retests the $41 support level as resistance.
- The bears are probably ready to push the market lower.
The price expectation for the channel is bearish today, as the previous key support was again tested as resistance. There are already signs that further rises are being rejected, suggesting that LINK/USD is ready for another push lower in the next 24 hours. Crypto-currency heat map. Source: Coin360 In general, the market moves relatively quietly. Bitcoin is trading with a small loss of 0.48, while Ethereum is up 2%. Among the top altcoins, Litecoin and Tezos posted the best results, up 10%. The LINK/USD pair opened at $37.22 today after a strong downward trend yesterday. Over the last few hours, Chainlink’s price has set a new lower high around the $41 mark, suggesting that we can expect further bearish price action over the next 24 hours.
Chain link price changes in the last 24 hours
The LINK/USD exchange rate was between 35.45 and 41.71 USD, indicating considerable volatility. Trading volume over the past 24 hours is down 18.89% to $2.4 billion. At the same time, the total market size is about $17.2 billion, which puts the cryptocurrency in 13th place overall.
4-hour chart LINK/USD – LINK does not exceed $41
On the 4-hour chart we can see that the market is preparing for another downward move in the last few hours. 4 hour chart LINK/USD. Source: TradingView Overall, the market remains bullish if we look at the evolution of prices over the past few months. However, after rising more than 70% in late April and early May, LINK reached a new high of $53. From there, LINK/USD began a pullback with an initial low at $41. In the following days, several lower highs were reached until the current low of $35 was reached. As a result, Chainlink’s share price has fallen by more than 33% and is trading relatively close to its previous low of $30. This may indicate that the multi-day pullback is ending and that we can expect an upward reversal this week. First, the LINK/USD pair should form a higher low from which it can build a base for an upward move. LINK is currently testing former key support at $41 as resistance, and we will likely see another push down in the next 24 hours.
Estimated prices for yarn of chain: Supplement
The price outlook for Chainlink is bearish, as the market has failed to break through previous key support at $41, which is now acting as resistance. Therefore, we expect LINK/USD to move towards the next support at $33 in the next 24 hours. While we wait for more action on Chainlink’s price, check out our guides to the other major altcoins – Litecoin, Ethereum, and Ripple. 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.Chainlink has made a quick trip back to retest the $41 resistance level, which it was rejected from a few days ago. The $41 level is a major pivot area and the 100-day moving average is sitting just below there so we could see some solid consolidation around the $41 level. If the bulls can hold $41 they could push to the $44 level, which is the .618 Fibonacci retracement level. The $44 level is also the .382 Fibonacci retracement level from the $35 low to the $65 high. NOTE: I did NOT write this blog post (I wish I had). Here is the original blog post:. Read more about atom tradingview and let us know what you think.
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