Chainlink steals the market spotlight after it hit a new all-time high while the technicals show impending retracement so let’s find out more in the upcoming LINK news.
Chainlink steals the attention of investors as it continues to trade up hitting a new milestone of $9.7. Despite the huge gains posted, LINK looks ready for a steep correction. One of the most important barriers underneath the token sits between $7.4 and $8.7 which could prevent a further fall. Chainlink sets new all-time highs but different fundamental and technical metrics show that the asset is ready to retrace.
Chainlink captured the market’s attention after the impressive bull run and it was able to hit a new all-time high of $9.7 as the buying pressure behind it continued to rise. The increasing prices have not gone unnoticed as the LINK-related mentions on different social media networks went skyrocketing. LunarCRUSH registered a huge spike in the social engagement activity around Chainlink as more than 35.7 million engagements were recorded in the past 24 hours representing a 105% increase from the past two days.
About 68% of all the social interactions were bullish about LINK including likes, comments, retweets, quotes, and shares. The rising chatter around the decentralized oracles can be seen as a concerning sign for the short-term price action. When retail traders pay a lot of attention to a cryptocurrency because of the pump, it will lead to a steep correction which could be the case for Chainlink.
The TD Sequential indicator added credence to the bearish outlook as the technical index presented a selling signal in the form of a green nine candlestick on the weekly charts. The bearish formation estimated a one to four weekly candlesticks correction before the uptrend continues. The TD Setup has been accurate at predicting when the altcoin is about to reach bottoms and tops. Looking at the weekly chart we can see that the sell signal was presented back in March before the prices crashed over 62%. The current forecasts have to be taken seriously despite the ongoing uptrend.
IntoTheblock’s model reveals that in an event of a correction, the support levels that sit between $7.4 and $8.7 can hold more. Based on the on-chain metrics, more than 24,000 addresses purchased more than 30 million LINK around the price level. The supply wall could absorb some of the selling pressure as the holders within the price range will try to remain profitable in the long positions.
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