Chainlink shows signs of bearish pressure – Where is the cryptocurrency heading?

2022-10-20 20:13

A loss of only 2.58% in the past week should throw caution to Chainlink (LINK/USD) buyers. That’s because the slide has seen the cryptocurrency lose a short-term ascending trendline and triangle. The ascending trendline was already giving buyers hope that LINK could finally break to the upside at $8. Are we set for a further slump?

Well, there might be some good news. A popular crypto analyst famous for making accurate altcoin predictions expects big moves for Chainlink and Ethereum. The pseudonymous analyst has 184,900 Twitter followers, and his thoughts should, of course, raise some eyebrows. The analyst says that Chainlink trades within a narrow range and should soon break out with a huge rally. 

As of press time, Chainlink price was at $6.95, slightly below an intersection of price and the ascending trendline. As the analyst mentions, Chainlink has been trading in a tight range of $6-$8 since May. The trading range is indicative that LINK is at a bottom zone. However, the key question is when is the breakout?

Chainlink price shows the token has lost a crucial short-term trendline

$8.0 remains the main resistance zone for LINK. Bulls have tried to break above the level, but the weak sentiment remains the Achilles’ heel. With the sentiment still not improving as much, Chainlink buyers may find it hard to break past $8 in the near term.

Source – TradingView

Technically, LINK trades below a short-term trendline. On the MACD indicator, momentum is weak, suggesting that a further decline is possible.

The latest weakness has also seen LINK fall below the 20-day and 50-day moving averages. The daily chart indicates that the 20-day MA is initiating a crossover below the 50-day MA. The movement could be a welcome note of a bear market for LINK.

What is the possible price for LINK next?

We sure can’t say LINK is bullish based on the above technical pointers. The likely next bottom zone for the cryptocurrency is $6.0. However, we should consider the zone a reference support level as LINK has previously also shown indecision around $6.8.

Bottomline, LINK is attractive at or towards $6.0 and should be our area of interest. At the $6.9 level, we should be mindful that further decline is possible.

Where to buy LINK

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy LINK with eToro today Disclaimer

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy LINK with Coinbase today Disclaimer

The post Chainlink shows signs of bearish pressure – Where is the cryptocurrency heading? appeared first on CoinJournal.

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ChainLink (LINK) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $17.68
Капитализация $0 Rank 99999
Цена в час новости $ 6.8119 (-100%)

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