LINK faces grim outlook as the price witnessed huge inflows of selling pressure over the past few weeks and buyers didn’t manage to garner any control of the mid-term trend after the rejection of $20.00. In our latest chainlink crypto news, we are reading more about the price analysis.
The cryptocurrency broke below the previous support level of $10.00 and seems to be in a precarious position as analysts watch for more downsides in the near-term. While speaking about the outlook of the cryptocurrency, LINK faces grim one as analysts explain how the cryptocurrency targeted a decline towards $7.90 which appears to be a bedrock level for the token. He noted that there’s a chance that the link will begin rallying now with the support being enough to send it back to the previous highs.
One trader noted that the loss of a key parabolic support level against the BTC trading pair could soon come to fruition and it will potentially cause it to see some major macro downsides. At the time of writing, Chainlink is trading down at 10% with a current price of $8.80 which marks a notable decline from the daily highs of $10.60 which were set during the relief rally seen yesterday. Holding above the $10.00 for an extended period of time, the cryptocurrency faced a huge influx of selling pressure which caused the price to hit new lows.
The last time LINK started trading this low was in early August before it incurred a parabolic uptrend which sent the price surging to new highs of more than $20.00. This marked a long-term top for the cryptocurrency and plummeted lower showing little signs of long-term support. One trader stated that a drop towards $7.90 could be enough to send the price to an all-time high:
“Just one more little push, grant me this marines.”
While speaking about the near-term outlook of the cryptocurrency, another analyst explained that it is now at risk of getting a parabolic trendline that is formed against the BTC trading pair:
“Important note: lose current support and it looks grim. Either way, LINK looks to provide some proper volatility and thus opportunity.”
If Chainlink drops below this level in the near term, it will create headwinds that will stunt the growth against the USD pair as well.
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