Chainlink Price Analysis: LINK breaks several-month low at $0.17.5, spikes to $15

TL;DR Breakdown

• Chainlink price analysis is bearish today.
• LINK/USD broke past $17.5 major support.
• The next target at $15 is currently tested.

Chainlink price analysis is bullish today as we have seen continuous selloff for more than 24 hours. Likely the $15 mark is not the bottom, and LINK/USD will look to break even lower.

The market has seen a strong decline over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 9.93 and 15.47 percent, respectively. The rest of the top altcoins follow with similar performance.

Chainlink price movement in the last 24 hours: Chainlink continues lower

LINK/USD traded in a range of $15.51 – $19.69, indicating strong volatility over the last 24 hours. Trading volume has spiked by 19.66 percent, totaling $1.6 billion. Meanwhile, the total market cap trades around $7.3 billion, ranking the coin in 222nd place overall.

LINK/USD 4-hour chart: LINK looks to break $15 support next?

On the 4-hour chart, we can see the Chainlink price action continuing to selloff, likely reaching even further lows by the end of the day.

The Chainlink price action has seen a steady decline turn into a rapid selloff this week. After previously setting a strong higher high at $28.65 on the 10th of January, LINK/USD saw a strong shift in momentum.

Initially, LINK retraced to $24 before reacting to $26, where strong resistance was found around the 16th of January. From there, the following strong push lower took the market to $21.

The Chainlink price action paused for a while before a strong spike to $19 was seen overnight to the 22nd of January. Yesterday, more downside was reached, leading to the current test of $15. Since no signs of reaction higher have been seen, LINK/USD should continue even lower today.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish today as we expect further downside to be reached over the next 24 hours. LINK/USD is yet to show signs of a slowdown, meaning that the $15 mark will not hold for long.

While waiting for Chainlink to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.