If the fractal plays out perfectly, Chainlink price will fall under $6 come American Thanksgiving
Chainlink price has undergone a strong bounce since the lows under $8 it set in September. The leading cryptocurrency currently trades for around $11, almost 50% above those lows. Despite this recovery, not everyone thinks it will last. An eerie fractal suggests that the cryptocurrency could drop towards $6 in the coming weeks.
Chainlink price will soon plunge further
According to analyst Crypto DonAlt, when comparing Bitcoin price action in 2017 and 2018 with LINK’s price action in recent months, it seems LINK’s price action is following BTC to T level, with both The two phases have the same market structure. This fractal analysis predicts that LINK is likely to plunge in November, bottoming out in mid-November, then rebounding in December. If the fractal goes well, the Chainlink will drop below $ 6 on Thanksgiving of America.
Expectations for a strong correction were not widely shared. Cryptocurrency asset analyst Michael Van De Poppe of the Amsterdam Stock Exchange recently stated that LINK could consolidate on a macro scale in the coming months, rather than plummeting:
“LINK… Still the same view on this one. Expecting a further accumulation period on this one, too, just the same as the previous impulse wave. Clear resistances at $12.35 – $12.5 and $13.75 – $14. Long areas at $10 and $8.75 – $9.”
While technical indicators show that LINK has a neutral to bearish outlook in the medium term, the Chainlink project has seen many positive news events.
The project reports as follows:
“To boost the transparency and auditability of Wrapped BTC (WBTC), the most liquid and utilized wrapped form of Bitcoin in the market, BitGo has adopted Chainlink’s Proof of Reserve mechanism. Now live on testnet (and soon mainnet), this Chainlink functionality enables decentralized applications on Ethereum to fully automate the burden of auditing the BTC value custodied by BitGo, in a trustless and censorship-resistant manner, removing the need to rely on manual off-chain processes like reading audit reports.”
WBTC’s $1 billion+ in Bitcoin will now gain additional security using #Chainlink‘s Proof of Reserve capability. We’re thrilled to be working with @BitGo to enable greater transparency & therefore more usability for WBTC as a form of collateral across #DeFi:https://t.co/Zd53kmLYZ5
— Chainlink – Official Channel (@chainlink) October 1, 2020
This is the latest fundamental development that enhances the value of LINK and Chainlink itself.
You can see the LINK price here.
- The Three Reasons Why Chainlink Price Exploded By 42% Since October 7 And Why It Could Continue Its Uptrend
- There Is A Bullish Possibility That Chainlink Price Currently Caught Within An Accumulation Phase That Will Be Followed By Further Upside