One of the best-performing crypto assets over the past month has been Chainlink (LINK).
From the March lows to the recent highs, the asset has rallied approximately 500% against the U.S. dollar.
Analysts expect a reversal for the altcoin against the U.S. dollar and against Bitcoin as momentum lets up. This has been compounded by a growing sentiment that the entire altcoin market will see a pullback due to market trends.
As of the time of this article’s writing, LINK is trading at $7.50, around 16% below its recent all-time high of $9. Analysts think the asset has further to drop despite the already strong correction.
Chainlink (LINK) Prints Correction Signal
According to a Telegram group tracking occurrences of the Tom Demark Sequential “9” candles in markets, Chainlink just printed a sell signal against Bitcoin. “LINK/BTC Sell 9 Weekly,” the Telegram group wrote in reference to the chart below.
Tom Demark Sequential “9” candles are seen at inflection points in the trend of an asset. The signal has marked previous highs in LINK’s uptrends, as can be seen in the chart below.
Chart of LINK’s price action against BTC (LINK/BTC) by a Telegram group tracking Tom Demark Sequential signals. Chart from TradingView.com
This bearish signal comes as other indicators have suggested that Chainlink will be subject to a deeper pullback. One trader, for instance, said that LINK’s volume composition suggests the asset is undergoing a “blow-off top.”
LINK’s correction comes as one of its competitors has been rallying off the back of positive fundamental developments. This competitor is Band Protocol (BAND), an oracle solution that is backed by Silicon Valley giant Sequoia and Binance.
BAND is up by approximately 300% in the past 30 days, having benefited from partnerships with ICON Protocol, Math Wallet, and Waves Protocol.
All Altcoins Could Suffer
Although Chainlink is the topic of focus for this article, traders believe all altcoins may underperform BTC in the weeks ahead.
The head of technical analysis at Blockfyre, a crypto research firm, commented earlier this week:
“If $BTC and $ETH start trending. I’d be cautious on longing #ALTS. Especially if this is the start of a new BTC trend upwards. The most likely out come would be alt/btc pair ratios getting drained while BTC moved past 10.5k in that scenario. I also wouldn’t look to fade 1st move.”
Another market commentator shared a very similar sentiment earlier this month. They commented that with extremely low volatility in the Bitcoin market, the impending breakout is likely to end the “altcoin party” that has transpired.
As reported by Bitcoinist previously, these traders are part of the camp that believes altcoins will struggle to outperform if Bitcoin is either in a bull or bear trend. Chainlink, of course, is not excluded from the umbrella term of “altcoins.”
Featured Image from Shutterstock
Price tags: linkusd, linkbtc
Charts from TradingView.com
Chainlink Prints Harrowing Reversal Sign After 500% Rally from March Lows origin »
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