Chainlink price could invalidate its macro uptrend if bulls fail to defend one key level

Chainlink price has seen mass-selling pressure over the past few weeks, with buyers failing to control its medium-term trend in time after being rejected at $ 20. LINK is now breaking down definitely below the previous support at $ 10 and appears to be in a precarious position as analysts track the next decline in the short term.

The Chainlink price is less than $ 10 when the seller maintains control

At press time, Chainlink price is trading down 10% at its current $ 8.8, marking a noticeable drop from the daily high of $ 10.6 established during a relief rally and seen yesterday.

After holding above $ 10 for a long time, LINK finally faced a massive influx of selling pressure that brought its price back to a multi-month low.

The last time LINK was trading this low was in early August, just before it arose a parabolic uptrend that caused ETH price to climb higher than $ 20. This marks a long-term high for the cryptocurrency, as it does fall harder since then, and there is little indication that any long-term support might be found.

Crypto trader Teddy has stated that a drop to $ 7.9 could be enough to help take it to an all-time high.

While talking about the cryptocurrency’s short-term outlook, Bitcoin analyst Jack explained that Chainlink is currently in danger of breaking out of the parabolic trend line formed based on its Bitcoin trading pair.

He stated:

“Important note: lose current support, and it looks grim. Either way, LINK looks to provide some proper volatility and thus opportunity.”

chainlink-price-could-invalidate-its-macro-uptrend-if-bulls-fail-to-defend-one-key-level

If Chainlink falls below this level in the near term, it could create some headwinds that will hamper its growth against the USD pair.

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