Chainlink’s intense upwards momentum showed some signs of faltering earlier this week when the cryptocurrency declined from weekly highs of nearly $4.00 to lows of $3.55 in a sharp downwards movement that jarred investors.
In the time since visiting these lows, buyers have been able to firmly establish the mid-$3.00 as a strong support level, boosting it higher each time it taps this region.
It is important to note, however, that this price action has led LINK to decline beneath a key ascending trendline that was previously guiding its upwards momentum.
The break below this level has opened the gates for significantly further downside, leading some analysts to predict that it could see losses totaling at 70% or more in the days ahead.
Analyst Believes Chainlink Could be Forming a “Bear Trap”
At the time of writing, Chainlink is trading up just over 2% at its current price of $3.77, marking a notable upswing from daily lows of $3.55 that were set overnight.
The decline to these lows erased virtually all of the gains that the crypto posted during last week’s uptrend, working to tip the scales into the favor of sellers.
LINK’s strong support in the mid-$3.00 region did prove to be enough to stop it from seeing any further downside, however, and has even led one analyst to believe that this latest drop could be a “bear trap.”
“LINK I think this move is a bear trap and we’ll see price close back above the orange midpoint from here and move back up,” the analyst explained while referencing the chart seen below.
Image Courtesy of Bagsy
He further added that while looking towards its BTC trading pair, a failure for it to confirm this possibility could open the gates for a decline down towards 0.00038 BTC – a notable decline from its current price of 0.00043 BTC.
“If I’m wrong, price should be revisiting the 38K region next,” he said in reference to the previous comment.
LINK’s Break Beneath a Key Ascending Trendline Opens the Gates for Serious Losses
One technical development that could lead Chainlink to see some notable losses in the days and weeks ahead is the fact that it has now navigated below a trendline that was previously boosting its price action.
This occurrence has led one popular analyst – who has a track record of accurately forecasting major declines seen by other altcoins – to note that LINK is now poised to decline over 70% to $1.00.
He pointed to this downside target in a chart he recently offered, pointing towards the break below the ascending trendline that was formed in the time following its capitulatory decline in mid-March.
Image Courtesy of il Capo Of Crypto
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Chainlink has plunged since setting highers in August. The coin now trades at around $8. 50 as of this article’s writing, far below the all-time highs set at $20. The cryptocurrency’s correction comes after leading altcoins underwent a strong plunge after Ethereum fell through key supports.
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The post Chainlink Looks Ready to Retest All-Time Highs appeared first on Crypto Briefing.
Despite being one of the most bullish cryptocurrencies from a macro-perspective, Chainlink has seen an intense decline today that has led it to plummet by over 6%. Today’s downturn marks an extension of that which was first incurred a couple of days ago when LINK tapped highs of nearly $4.00. The strong resistance at this...
Key Highlights LINK/USD market now faces a small correction after striving to make a series of lower highs below a high value at $4 mark. A northward breakout of the $4 major distribution territory will play a crucial role in determining a bullish resumption of the LINK/USD market. LINK/USD bears may push to form a […]
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Chainlink (LINK) has by far been one of the most bullish cryptocurrencies throughout both 2019 and 2020, with the crypto rallying to highs of nearly $5. 00 in mid-February, which is around when the aggregated market lost its momentum and began to crater.
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Chainlink has been one of the best performing cryptocurrencies over the past two years, with LINK posting massive gains over the past several months with its insane momentum allowing it to set fresh all-time highs.
Chainlink has been one of the most bullish cryptocurrencies within the markets over the past year, with LINK incurring immense momentum in 2019 despite the aggregated market facing some intense downwards pressure.
It’s no secret that Chainlink (LINK) has been one of the best performing cryptocurrencies throughout 2019, with the crypto setting fresh all-time highs in late-June and ending the year up significantly from where it started it.
Chainlink (LINK) has been one of the best performing major cryptocurrencies of the past year, setting fresh all-time highs in 2019 while most major altcoins were still facing immense bearishness that spilled over from the 2018 market crash.
Chainlink has seen a massive price rise in recent times, surging to fresh all-time highs in July of 2019 concurrently with Bitcoin’s rise to its 2019 highs of $13,800. Although both cryptocurrencies have both retraced from these highs, LINK is still trading up significantly from its year-to-date lows.
Despite positive news and recent highs, the Chainlink price movement has been bearish. Chainlink announced on November 13 that it had launched its community advocate program. The program continuously searches for advocates who will add value to the product by engaging in events in order to increase referral leads, sale references and contribute to higher […]
The post Chainlink’s Wyckoff Chart Suggests a Bearish Market Cycle Is Near appeared first on BeInCrypto.
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Chainlink has registered some drawdown and has recently retested the $14 level. Here’s what might happen if support holds at this mark. On-Chain Data Suggests Resistance Is Thin At Higher Chainlink Levels As pointed out by analyst Ali in a new post on X, Chainlink is currently in a critical on-chain demand zone.
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