This Chainlink (LINK) Fractal Predicts the 50% Correction Is Over

This Chainlink (LINK) Fractal Predicts the 50% Correction Is Over
фото показано с : newsbtc.com

2020-9-8 02:59

Chainlink has experienced a strong correction over the past few days as Bitcoin and Ethereum has dropped. The leading cryptocurrency dropped over 50% from its all-time high around $20 to local lows around $9 in the span of a few weeks.

The cryptocurrency has since bounced. According to CoinGecko data, LINK now trades for $11.50, bouncing in tandem with Bitcoin, Ethereum, and other top cryptocurrencies.

Although BTC remains on thin ice due to its inability to reclaim $10,500 as support, an analyst is optimistic that LINK has room to rally from here.

Related Reading: There’s an “Unusual” Amount of BTC Sellling Pressure From Miners This Chainlink Fractal Predicts More Upside Is Likely

According to a cryptocurrency trader that at the start of the year predicted that Bitcoin would hit the $3,000s in 2020, LINK is currently trading in a fractal of its price action in late-2018 and 2019.

The fractal suggests that LINK’s ongoing correction is over and that a parabolic rally towards new all-time highs is likely in store for the altcoin.

Chart of LINK's price action over the past few months with a fractal analysis by crypto trader il Capo of Crypto (@CryptoCapo_ on Twitter). Chart from TradingView.com Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop LINK Rally Could Trigger DeFi Boom

Kelvin Koh, a partner at The Spartan Group, says that a rally in the price of LINK and/or Band Protocol may bode well for the rest of the decentralized finance space.

The Spartan Group is a crypto-asset hedge fund and venture fund with an advisory arm based in Hong Kong.

On August 22nd, Koh, who is a former partner of Goldman Sachs, said:

“Oracles led the previous leg of DeFi rally on the way up and then on the way down. If today’s move in $LINK and $BAND is any indication, the next rally for the broader DeFi space should follow.”

Oracles led the previous leg of DeFi rally on the way up and then on the way down. If today's move in $LINK and $BAND is any indication, the next rally for the broader DeFi space should follow.

— SpartanBlack (@SpartanBlack_1) August 22, 2020

This sentiment is in line with other analyses that predict the DeFi space has further to run after already rallying parabolically over the past few months.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Featured Image from Shutterstock Price tags: linkusd, linkbtc Charts from TradingView.com This Chainlink (LINK) Fractal Predicts the 50% Correction Is Over origin »

ChainLink (LINK) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $17.68
Капитализация $0 Rank 99999
Цена в час новости $ 11.93 (-100%)

around dropped correction chainlink weeks high all-time

Источник: newsbtc.com

around dropped → Результатов: 126


Why Bitcoin traders fear a significant pullback for the first time in 2 months

The Bitcoin price has dropped by around three percent overnight after it rejected $9,600. A handful of traders are now becoming cautious towards BTC for the first time since December 2019. Here’s why a pullback for Bitcoin would make sense In May 2018, after the Bitcoin price rejected the $9,000 region, BTC went onto drop […] The post Why Bitcoin traders fear a significant pullback for the first time in 2 months appeared first on CryptoSlate.

2020-1-31 09:36


Here are the two major reasons Ethereum dropped 50% against Bitcoin in the past 7 months

Since May 2019, the price of Ethereum has dropped by around 50 percent against Bitcoin. The ETHBTC pair across major exchanges declined from 0.0347 BTC to 0.01762 BTC within seven months. Behind the lackluster performance of Ethereum against Bitcoin since 2019 are: a correction in the crypto market in the latter half of last year […] The post Here are the two major reasons Ethereum dropped 50% against Bitcoin in the past 7 months appeared first on CryptoSlate.

2020-1-8 13:42


Institutions’ Long Position on Bitcoin Doubles, BTC Futures Surpasses the Spot Volume by 18 Times

It’s been a month now that Bitcoin's price has been boring, hovering around $8,000. As such, volatility has dropped below 2%. However, volatility might make a comeback soon as the difference between the upper and lower band in the Trading Envelope indicator gets to its narrowest since mid-September. A similar narrowing was seen last month […]

2019-10-23 16:03


BTC And Altcoins Prices Are Back In The Green; Is Bitcoin’s ‘Halloween Pump’ Incoming?

The leading cryptocurrency has been trading around $8,000 since late September. Though several times we dropped below $8k level, seeing $7,685 at one point, we climbed back up to $8,000 soon after. At the time of writing, BTC/USD has been trading at $8,064 with 24 hours gains of 0.93%, as per Coincodex. Trading volume also […]

2019-10-17 18:29


Libra associates got concerned and dropped out: Secretary Steven Mnuchin

Facebook’s Libra initiative hit another roadblock prior launch after Libra associate companies including MasterCard, Visa and Stripe announced dropping out on October 9. While the decision was made after two Democratic Senators asked the the three banking giants to rethink their stance on Libra, speculation around the Senators’ being a threat clouded the crypto ecosystem.

2019-10-15 21:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Chainlink Signal Resurfaces: Is Another 31% Rally Coming?

On-chain data shows that a Chainlink signal that last preceded a 31% rally for the asset’s price has just reversed. Chainlink Age Consumed Metric Has Observed A Sharp Spike Recently According to data from the on-chain analytics firm Santiment, LINK has recently seen a significant movement from old coins.

Chainlink Retests $14: Here’s What Will Happen If Support Holds

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.

Analyst Predicts Chainlink Rally To $20 Based On This Pattern

An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20. Chainlink Is Escaping Out Of A Bull Flag Pattern Currently In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart.

Chainlink Declines 6%: Rally Over Or Is There More To Go?

The Chainlink rally has slowed down recently; here’s what the various LINK on-chain metrics look like to see if the surge has hope of a restart. Chainlink Has Registered Some Drawdown In The Past 24 Hours Just during the weekend, Chainlink had been floating above the $16 mark, but winds seem to have shifted for the coin in the past couple of days, as it has registered some drawdown.