The LINK selling pressure is mounting due to the market-wide downturn which has compounded the weakness that the asset was already facing before the declines seen by Ethereum and Bitcoin so let’s read more in the chainlink coin news today.
Despite seeing that some of the weakness erased the gains that were posted over a couple of days, it’s important to note that chainlink is trading well-above the recent lows of $12.00 where they were set a week ago. Analysts are noting that a visit to the lows could be imminent so it doesn’t have any important support until $12.50 according to one indicator. One trader even noted that he is watching for a retrace to the key near-term support at $9.00.
At the time of writing, Chainlink will start trading lower under 6% with a current price of $14.20. This marks a huge decline from the daily highs of $15.50 that was set yesterday. The cryptocurrency was facing huge turbulence since the price rebounded from the lows of under $13.00. The rebound from the lows led LINK to new highs of $16.50 before it lost all momentum and started going lower. The rejection of these highs caused the asset o see some choppy trading between $14.75 and $15.80. with today’s decline, there seems to be a bearish resolution to the sideways trading period. Analysts are now noting that the downside could be imminent in the days ahead as Chainlink has more room to fall before retesting lower lows. One trader even set sights on the movement to $9.00 in the near term:
“LINK bulls eyes on $9 sorry.”
The LINK selling pressure could stop Chainlink from diving to the lows of $12.50 and one analyst even noted that this is around where the cryptocurrency’s kijun cloud suggests there’s more support:
“1D LINK: Cloud likes 12.5 as supp (kijun)”
A lot of analysts noted that the altcoin could soon see a huge near-term decline which causes it so shed most of its value but the bulls were able to defend against the major downside pressure. In the time since the capitulation to $12 last week, Chainlink taps key mid-term trendline after it was caught with the bout of sideways trading which made it unclear as to which direction the price could go in the near term.
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