Chainlink price analysis: sentiment bearish despite breakout

Fibo Quantum

Much like the rest of the altcoins, today’s Chainlink price analysis seems to be going towards the bearish direction as well despite the recent price surge from $1.97 to today’s $2.173 at press time.

Despite this quick surge in valuation, it’s important to consider that LINK is still undervalued compared to its price point three days ago at $2.451, therefore it still has a way to go.

Looking at LINK’s performance compared to other altcoins, it’s safe to say that there was some market sentiment defiance in the last day of trading, but the price spike seems to be in accordance to Bitcoin’s struggle to pass the $10,000 resistance level.

LINK chart by Trading View

Unfortunately, all indicators are showing that a bearish August is heading towards LINK this year, as the coin has fallen below the key 50-day moving average. There’s also an anticipated bearish breakout in the 4-hour chart showing that the coin could yet again fall to the $2.0 support all the way down to $1.97 as it was earlier today.

Much like the rest of the altcoins, Chainlink price analysis is based on Bitcoin’s performance and its overall market dominance in the short and medium terms.

Based on the fact that most people expect yet another bearish trap at $9,500 it would be safe to say that LINK is going to follow the consolidation. But should the $11,000 crucial be broken for BTC, we’re poised to experience another BTC dominated market, and we all know what that does to both large and small altcoins.