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  • BTC Dominance: 42.94%

Chainlink extend negative price action to the south as price trade below $17.75 resistance

Published: Tuesday, 25th January, 2022 - 00:43

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

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

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.

This post first appeared on: Coinjournal

Author: Motiur Rahman
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