Supply and demand have been termed as the major factor that causes uphill and downhill in the market. However, in a bearish moment such as this period, it’ll be best to have a firsthand approach to the market.
While it’s easier to open a buy or sell order on the flip side, the consequence of inadequate understanding of the market price movement may result in total loss of trading account. And to be able to stay ahead of the market do read below to get a grasp of what Chainlink (LINK) has to offer this week.
LINK/USD technical analysis outlook
Source – TradingView
Across the hourly chart, the price action of Chainlink had broken below the $17.73 resistance after strong bearish market volatility pushed the price of the assets into a negative sell-off mode.
However, at the time of writing this analysis, the value of LINK/USD tends to trade along the July 23rd market initial support region. In essence, if the price should plunge below this level, the entire price movement of LINK/USD will meet near-term support at a $10.59 bearish price target.
Weekly price chart
Source – TradingView
After facing rejection along with $27.31 resistance, the value of LINK/USD tends to plummet aggressively against the US dollar as fundamental economic updates from the US region aim to hasten the action of sellers at driving the price of the asset to the South. However, the overall price action of Chainlink across all time frames remains negative.
Where could be a positive turning point for the asset
While awaiting the market to complete its bearish price movement, we should however be aware that if this negative price action should extend further, the value of LINK/USD may likely find a resting point at $10.59 If at all the volume of the sellers outweigh the buyers’ momentum. Thinking ‘should I buy Chainlink?’, read our guide.