Bitcoin has been stealing altcoins’ thunder over the past several hours, with many smaller tokens plummeting as BTC surges past $9,400
Chainlink, despite its overt strength, is one example of a token that has posted major losses over the past day
This latest decline marks an extension of the downtrend that it has been caught within throughout the past few days
It has now reached a crucial support level that bulls are attempting to defend
The bounce it saw at this level proved to be fleeting, making it unclear as to where the crypto might trend next
Chainlink is currently flashing some signs of weakness, with sellers cutting deep into the gains that the token posted throughout the past couple of weeks.
After peaking at over $8.60, buyers have been unable to maintain the momentum that has been guiding it higher, with LINK now trading at a crucial support level in the $7.00 region.
This support has now been tested by bulls on multiple occasions. Although at first the reaction here was strong, it has since erased these gains and retraced back to this level.
If this support falters, the crypto could soon find itself caught within an intense downtrend.
Chainlink and Other Altcoins See Faltering Momentum as Bitcoin Rallies
For the time being, it appears to be a zero-sum game between Bitcoin and altcoins. When one fragment of the crypto market rallies, it comes at the expense of the other.
Bitcoin’s trading volume and liquidity have been siphoned into altcoins throughout the past few weeks. This is what has perpetuated its extended bout of sideways trading.
As altcoins start cutting into their recent gains, however, Bitcoin has been able to break its tight trading range. It is now trading above $9,400 and showing signs of strength.
Chainlink – which has been one of the best performing altcoins throughout 2019 and 2020 – rallied as high as $8.60 last week.
From here it has been reeling lower, struggling to garner any clear support from its investor base.
At the time of writing, LINK is trading down marginally at its current price of $7.30.
LINK Could See Major Losses if It Losses Key Support Level
It’s possible that Chainlink will post some major losses if it continues declining lower.
One analyst spoke about the importance of its current support in a recent tweet, explaining that this is likely the best support for “buying the dip.”
He points to a support region between $7.15 and $7.35.
“LINK – I think this is the best support for buying the dip, if you think we make another all time high this week.”
Image Courtesy of Calmly. Chart via TradingView.
If this region is decisively broken below – and it appears that this is a strong possibility – then Chainlink may crater lower before finding any other support.
Featured image from Unsplash.
Charts from TradingView. origin »
LINK has rallied consistently for the past week and the price is at the $29.79 level, up by 7% in the last 24 hours. Despite a slow but steady increase in price, trade volume was up 22% in the past daThe post Chainlink's path to $50: Here's the why, how, and when appeared first on AMBCrypto.
Altcoins such as Chainlink took a strong beating over the past three days, plunging dozens of percent from their recent highs as Bitcoin and Ethereum plunged lower. While some altcoins remain near their lows as, LINK has undergone a strong bounce that has brought the cryptocurrency 25% higher in the past 24 hours. Analysts, though, […]
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FOMO Moments Markets are stagnant this Thursday; FunFair and Chainlink rising, Maker and Monacoin falling. There has been very little market movement over the past 24 hours. The good news is that the movement that has happened has been positive and markets have just crept back above $200 billion total capitalization.
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The post Chainlink Price Analysis: LINK Continues to Trade in a Bullish Manner Against Overall Market Sentiment appeared first on Invest In Blockchain.
Chainlink (LINK) is navigating a turbulent market phase, recently experiencing an 11% decline after reaching a local high of $27 yesterday. This pullback reflects the heightened volatility sweeping through the cryptocurrency market, particularly affecting altcoins.
Chainlink has showcased its volatility over the past few days, with the price plunging 12% before staging an impressive 13% recovery in less than 24 hours. This rapid rebound has sparked optimism among investors, who view the altcoin’s resilience as a sign of its potential for significant gains in the near term.
Chainlink has faced significant selling pressure recently, experiencing a 22% drop from its local supply zone to test crucial demand around the $20 mark. Despite this decline, market sentiment surrounding LINK remains optimistic as analysts and investors anticipate a strong recovery.
The crypto market showed signs of revival yesterday, with several assets experiencing significant price surges after weeks of subdued action. Chainlink (LINK) stood out, gaining over 15% in just 24 hours, solidifying its position as one of the stronger altcoins in the current environment.
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An analyst has explained how the path to a new Chainlink all-time high (ATH) could open up if LINK can break past this resistance block. Chainlink Could Find Major Resistance At The $20 Level In a new post on X, analyst Ali Martinez has discussed how the resistance barriers for LINK are currently looking in terms of the on-chain cost basis distribution.
