Chainlink (LINK) surged last week and recently climbed over $ 14 for the first time. The asset is trading at $ 14.40 as of the writing of this news, which means it has increased by about 20% in the past 24 hours.
The asset’s performance followed when Bitcoin, Ethereum, and other major cryptocurrency assets were at their local peaks. LINK is poised to drop from here as some analysts suggest that some technical indicators have suggested that the bullish trend is weakening.
Analysts See a Decline in Chainlink
Chainlink (LINK) has been one of the best performing cryptocurrencies last week. After falling to about $ 8 by the end of July, the asset has risen to $ 14.40 as of writing this news.
But analysts are taking a downtrend as the cryptocurrency enters seemingly overbought levels.
Although LINK trades against stablecoins in some markets, cryptocurrency traders are known to convert altcoin profits into large “reserve” assets of the field, such as BTC and ETH. If this happens with LINK or other altcoins, Bitcoin and Ethereum can see massive capital inflows, which raises prices.