Financial advisor Timothy Peterson shared a post regarding the Chainlink (LINK) price. Touching on current developments in the LINK network, Peterson said; He said that the current table is against the LINK bulls. Peterson, who conducted a price analysis for LINK, warned investors of a possible drop.
Chainlink, one of the most popular altcoins of recent times, managed to see almost $ 20 in the middle of last month. However, the highly popular DeFi project Chainlink could not sustain this rise. Chainlink, which lost 45% in less than a month, is currently trading at $ 11.
Analyst and financial advisor Timothy Peterson revealed a positive correlation between function calls and Chainlink (LINK) price with the chart he shared on Twitter. Peterson, who observed a decline in the use of function calls for combining the chainlink base with real-world data, stated that a retreat in the LINK price may also be seen in this direction.
Tom Denmark Signal System Had Also Given Down Signal
A few days before the market showed an overall bearish trend, the Tom Denmark (TD) indicator released for Chainlink showed a critical number of candles for LINK. In the graphic, “9 sales candles” were created for LINK. According to the TD chart, these 9 candles meant that the uptrend would end and a bearish chart could be observed. Indeed it was expected; The Chainlink price dropped from about $ 16 at the time of publication to the $ 10 band in the morning today.