A historically correct analyst believes that Chainlink’s LINK will go over the $20 price point despite the strong correction over the past weeks. The coin is now trading at $10 which is around 50% below the all-time high set at the $20 as we reported in the chainlink crypto news.
Despite the strong drop, analysts remain optimistic about the LINK price prospects. The historically correct analyst who predicted that bitcoin will start a V-shaped reversal to the $10,000 range, now believes that LINK has an optimistic future ahead. He commented:
“Stinkbids on $LINK at $8-9 and accumulating some now around $10. Invalidation if price starts fucking around below stinkbids & will build more size if trend confirms. I think this is going to $28-32 on the next run. $BTC pair also looks ready to turn around soonish.”
Michael Van De Poppe, the popular crypto analyst, and trader at the Amsterdam Stock Exchange shared the chart below while trying to show where Chainlink will move next:
“The higher timeframe levels are quite clear on LINK. Lower timeframe potential entry zones are approaching with the potential of bouncing towards $12. Breaking $12 and $13-13.50 is on the horizon.”
Both of the charts above show that LINK is on the verge of reaching a historically important support level. While Chainlink’s link token has its own technical merits and its own fundamentals, the price action of the asset is ultimately dependent on the one of Bitcoin. The leading cryptocurrency dictates the macro trajectory of the digital asset and blockchain space. BTC is now on stable ground in the technicals and on-chain perspective. The analyst identified that the BTC moving losses metric is outpacing the moving profits and explained:
“So when the red lines goes above the green line it means we entered bullish territory because at that point there are more people selling at a loss than for profit –> lots of rekt people. This is how bottoms form. The higher the red line, the better.”
He explained that more Bitcoin traders are getting in the red than they are in the green, the decreasing selling pressure will increase the chances of another upward price action.
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