One LINK fractal predicts that the recent strong correction of 50% has finished as Bitcoin and Ethereum dropped. The leading cryptocurrency declined over 50% from its all-time high from $20 to lows of $9 in a few weeks as we reported in the chain link news crypto.
The cryptocurrency bounced and according to the data, LINK is now trading at $11.50, increasing with Bitcoin and Ethereum in tandem. Although BTC remains on shaky legs due to its inability to claim the $10,500 support level, one analyst is optimistic that LINK has room to rally from now on. One crypto trader believes that at the start of the year Bitcoin was supposed to hit the $3,000 level while LINK should be trading in a fractal of its price action in late 2018 and 2019.
— SpartanBlack (@SpartanBlack_1) August 22, 2020
The one LINK fractal predicts that the ongoing correction has finished and that a parabolic rally towards the new all-time high is in store for the altcoin. Kelvin Koh, a partner at the Spartan Group said that a rally in the price of LINK or BAND could bode well for the entire decentralized finance space. The Spartan Group is a crypto-asset hedge fund that has an advisory arm based in Hong Kong. Koh, the former partner of Goldman Sachs said:
“This sentiment is in line with other analyses that predict the DeFi space has further to run after already rallying parabolically over the past few months.”
As recently reported in the chainlink coin news, the past week, we saw a sharp decline in BTC and ETH as well as from LINK and Ripple against the US dollar. LINK even broke support levels close to the $15.00 and the 100 simple moving average into the bearish zone. The drop gained pace below the $13.50 and the $12.50 support levels while still breaking the $10.00 level and trading to a new monthly low of $9.21. The bulls came into action when the price pumped the $10.00 pivot level.
There’s also a crucial bearish trend line forming with a resistance close to the $13.00 level on the 4-hour charts of the LINK/USD pair. The trend line coincided with the 50% Fib retracement level from the downward movement of $17.74 high to the $9.21 low.
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