The price of Chainlink sees major correction now after it spent the majority of the month of June struggling either to reclaim what it lost or to make progress. The cryptocurrency saw a particularly difficult period in mid-June, but it managed to grow stronger in the recent days.
After the strong surge, the cryptocurrency news showed that LINK has seen quite a bit of volatility over the past month. The coin is currently the 13th largest project based on the market cap (which is now near $1.5 billion) but has seen plenty of ups and downs which resulted in a massive surge.
However, this surge did not continue over the recent days and now we can notice how Chainlink sees major correction and tries to keep pushing above the $4.50 levels. Speaking of which, the price of LINK is now at $4.54 with a 1.26% decline and a market cap of $1.59 billion.
We can also see that LINK has seen quite a bit of volatility over the past month. The coin is now at the 13th spot and has a market cap of $1.5 billion – but saw many ups and downs resulting in a massive surge in the Chainlink news.
In the last days of June, Chainlink sees major correction which is opposite of the last days of May, when it saw growth which took it from a support level at $4 to a resistance at $4.40. The price of this coin struggled to breach the level quite strongly, going above and below it, while the resistance kept trying to reject it.
Still, LINK kept on pushing and the battle lasted during the first 11 days of June. It finally ended as we could see the resistance winning and the LINK price crashing back down to its support at $4.
Some analysts started speculating the future of LINK/USD after this event and how it can unfold in the month of July. One of them was @CryptoMichNL who said that a likely continuation up may be coming.
Not unhealthy to have a retrace on $LINK after that run up.
However, you don't want to see it drop below $4.06-4.15, I think.
That's the previous resistance level ready to flip for support.
Holding that = likely continuation up. pic.twitter.com/ooqDUCades
— Crypto Michaël (@CryptoMichNL) June 29, 2020
The behavior of the coin, according to analysts, shows that it is not healthy for the LINK price to have a retrace after such a surge. The majority of them also believe that the coin could keep going up, only if the price does not go below its previous resistance-turned-support found at $4.15.
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