Cycle Lows are coming for Chainlink after the coin experienced a strong decline before hitting $20 in August. In today’s Chainlink crypto news, we are looking into the price analysis some more.
At the recent lows, the coin traded around $8 which means that it dropped by 60%. LINK could be poised to revert the bullish stance as the coin forms a bottom formation as the analysts believe. Chainlink is poised to continue the ascent to the upside in the near future as the analysts say the coin will retake the crucial horizontal level. One analyst shared the charts showing LINK is entering cycle lows:
“Cycle lows might be in on Chainlink. Seeing a lot of the top DeFi hype coins lose its shine, makes me think that Chainlink will get some time back in the spotlight. Currently at resistance and waiting for the flip to enter. I think $BTC and $ETH lead up again.”
Another analyst expected LINK to move higher from the current levels as he shared a chart that indicates the coin is on track to move towards $12.50 end even further in the near future. He did note that he is not 100% certain that this will be the ultimate bottom for Chainlink which dropped from its all-time high in August. The trader made the prediction after predicting the middle of 2018 when Bitcoin’s bear market bottomed at $3200 and he was right. He was correct again in six months where the leading cryptocurrency found a bottom at $3,150.
While Chainlink does have technicals that indicate upsides, it is unlikely to move too far to the upside unless BTC continues ascending. Fortunately for the bulls, there are plenty of reasons why BTC will extend the gains to the upside in the near future. Some of the fundamental factors include that Square just purchased $50 million worth of BTC for its balance sheet. Jack Dorsey previously branded Bitcoin as the Internet’s most likely choice to become the currency of the internet.
Also, the stimulus talks were put aside as analysts believe passing the stimulus bill will result in a decline of the US dollar and that will bring an incline in the value of hedges like BTC and gold.
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