LINK shows signs of weakness against BTC with the price sliding even lower, and the aggregated crypto market caused the currency to see some notable consolidation, as well as slight downside pressure in the past 24-hours so, let’s check up on the analysis in today’s Chainlink news.
The main source of the selling pressure for LINK’s price was the weakness that was seen across the aggregated market. ETH and BTC have both been struggling to maintain their multi-week uptrends which led the investors to push away from higher-risk assets like altcoins. This has put some pressure on LINK’s technical outlook especially against the BTC trading pair and one analyst even noted that there’s a strong chance for another downside in the days and weeks ahead.
Chainlink was closely tracking the entire market which caused it to see technical weakness as the bulls didn’t manage to hold it above the multiple key support levels. The crypto market saw some weakness as of late which comes as Bitcoin continues struggling to surpass the crucial $19,400 resistance level that is widely seen as the last key resistance before $20,000. The recent break below the ,000 level has caused many of the altcoins like Chainlink and ETH to turn lower.
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One analyst is now expecting Chainlink to drop in value against BTC in the near-term which means that serious losses will be imminent regardless of whether or not BTC breaks out or down.
At the time of writing, Chainlink is trading down at over 4% at a price of $12.51 and this is around where it was been looking for serious buy-side support over the past days which is becoming a strong base for it to grow upon if it continues holding strong. LINK shows signs of weakness as there’s a common notion that the altcoins risk losing the value while BTC is running and while it is dropping. As such, there’s a chance that Chainlink will lose value against BTC no matter the next trend as one analyst noted:
“LINK: Good luck with the btc pair. Many alts across the board with better rounded structures.”
The upcoming few days should give us some more insight into the possibility of the next big movement that could influence altcoins like Chainlink.
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