Buyers need to step up and save Chainlink price soon to avoid serious downside
Chainlink price has seen some intense selling pressure over the past few days and has not been able to achieve the same gains as Bitcoin. At press time, LINK was down nearly 10%, trading at around $ 10.98.
These losses have dealt a blow to its technical outlook, potentially opening the door for it to witness deeper declines in the coming weeks and months.
Chainlink price struggles to keep above the lower range boundary as selling pressure increases
At press time, Chainlink is trading down almost 10% at its current price of $ 10.98. This marks a noticeable drop from the recent high of $ 13.20 set just a few days ago. The trading range LINK had established throughout September was from $ 11.20 to $ 13.20.
Chainlink has been giving strong feedback to both of these levels over the past few days and weeks and is now rapidly approaching the bottom of this range. If the $ 11.20 level fails to hold as support, a break below that could trigger a capital plunge that causes the cryptocurrency to suffer severe losses.
This potential drop is likely to be similar to that seen in early September when Chainlink plunged to as low as $ 9 before rebounding.
While reviewing Chainlink’s market structure, analyst Loma explained that he is expecting Chainlink to drop further unless the bulls go up and reverse its ongoing decline.
He is geared explicitly towards Bitcoin for insight into where LINK might be next.
“Link Marines better step in and save LINK soon. This… looks weak and heavy atm. If Bitcoin trips, even a little bit, I think Chainlink goes back under $ 10 again and stays there for a bit.”
How both Bitcoin and Ethereum’s trends in the near term will likely hold some influence on Chainlink’s trend.
You can see the Chainlink price here.
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