Chainlink (LINK) seems to be recovering massively from its September low. At the time of writing, Chainlink (LINK) is trading at $ 11.26, well above the $ 8 low seen in early September. Although the coin is on the rise, it is still about 50% lower than the all-time high price of $ 20 set during the August buying spree.
Unfortunately, analysts think the cryptocurrency is poised to move towards lower levels in the near term as LINK generates some bearish signals.
LINK May Have a Downfall Soon
Following the rest of the crypto asset market in recent days, Chainlink (LINK) recently surged to $ 11 for the first time in weeks. The coin is currently trading above two key resistances: the September low and the $ 10 level.
However, not all analysts think price action will prevail here. A cryptocurrency trader recently shared the chart below and stated that LINK does not expect the cryptocurrency to rise, as two bearish trends have formed on the one-hour and four-hour chart between the price action and the relative strength index:
“Although we are on the red cross resistance which is quite important, I don’t expect us to stay above here. Hourly and 4 hour declination confirms this idea. LINK will make a short trial at around $ 10.88. “