Chainlink posted first death cross sign since 2018 as LINK saw some mixed price action as of late and bulls were unable to gain a decisive edge over the bears as the market turned lower so let’s find out more in today’s Chainlink coin news.
LINK is not the only cryptocurrency that was having a hard time gaining bullish momentum as most other coins were struck with intense selling pressure which slowed down their growth and deleted most of their gains. BTC is now stuck below $18,000 with the sellers trying to get the trend back into their favor. They will have to succeed in that and they could still drop a little before losing the macro bullishness. However, the altcoins were hit hard by the market-wide decline and Chainlink was moving to a lower boundary of the pitchfork channel which was formed and followed over the year.
One trader noted that the Chainlink posted the first Death Cross sign since 2018 which spells more trouble for the short-term outlook. Just as LINK increased in the years since 2018, this doesn’t mean that the macro-outlook will be changed by the technical development. At the time of writing, Chainlink was trading down by 2% with a current price of $11.68 which is around the same price that it was trading over the past few days.
BTC caused the entire market to face some intense weakness in the past few days and weeks with the recent break below $19,000 causing too much trouble and an intense inflow of selling pressure which led it to as low as $17,600. LINK shed some of its value as well and set a new level of $16.00 a few days ago. One trader explained in a tweet that Chainlink posted its first “death cross” that was seen in the years.
The grim technical sign comes as the crypto assets near the lower-boundary of the long-held channel which was caught within over the past year, as one analyst noted:
“First death cross on LINK / BTC since 2018.”
Because LINK is closely following BTC and the rest of the market, where will it trend in the mid-term will depend largely on the benchmark cryptocurrency’s price action.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]