Link could fall below $ 20

The cryptocurrency market continues its loss of loss in the week, whereby Bitcoin is now just above the level of USD

The cryptocurrency market started badly during the week and has now expanded to the second day of the week. Bitcoin has fallen by 4% in the last 24 hours and will probably fall under $ 42,000 in the coming hours.

Ether was also affected after the second largest cryptocurrency after market capitalization had lost 2 % of their value in the past few hours. ETH now has trouble defending its price over $ 3,000 and could fall on the $ 2,900 region if the current market conditions do not change.

XRP, polkadot, Dogecoin, Avax and Uniswap are also some of the leading cryptocurrencies that currently have losses. Chainlink has dropped by almost 6% and will probably lose its level of support over 20 USD in the next few hours.

Chainlink price forecast

The link/USD 4-hour chart currently looks bear after the cryptocurrency market has suffered a second day in a row with losses. The RSI of 29 means that Link is currently oversold and could suffer further losses in the coming hours. The MACD line is also deep in the Bärische area thanks to the latest market development.

Link is traded at $ 23 per coin, far below its 100 simple, sliding average at $ 28. If the current declining mood continues, Link could fall under the first major level of support at $ 20.69. A longer declining performance could lead to the link in the direction of the $ 18 brand, a level that was last reached in August.

Link/USD 4-hour chart. Source: tradingview

If the bulls regain control over the wider cryptoma market, Link could question the first resistance point at 28 USD in the next few hours. An extensive market clore could enable Link to test its second large resistance brand at $ 31. However, the level of resistance at 35 USD should limit another upward movement at short notice.

At the moment, Chainlink's price forecast is 20 USD for the next few hours.

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