Supply and demand have been singled out as the main factor that causes market ups and downs. However, in a bearish moment like this period, it will be better to have a direct 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
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 initial support region of the July 23 market. Essentially, if price were to dip below this level, the entire price movement of LINK/USD will encounter short-term support at a bearish price target of $10.59.
Weekly Price Chart
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 waiting for the market to complete its bearish price move, however, we should be aware that if this negative price action were to continue, the value of LINK/USD could likely find a resting point at $10.59. If the volume of sellers outweighs the momentum of buyers.
