October 3 Chainlink (LINK) Analysis: Could Go Downhill

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October 3 – Chainlink (LINK) failed to hold above $ 10 despite its V-shaped recovery. Cole Petersen’s analysis suggests that more negativity for LINK is at the door.

  • Chainlink (LINK) failed to break the $ 10K threshold, despite a recent rise from the $ 7 zone.
  • Having dropped 14.2% in the last 7 days, LINK is currently trading at $ 9.18.
  • The accusations against the founders of the BitMEX exchange pulled the Bitcoin price down and the altcoins were negatively affected.
  • With the general selling pressure on the market, the price of LINK dropped from $ 10.50 to around 9.20 with a decrease of approximately 4%.
  • The LINK price reached $ 20 in August, but had a decline by not exceeding it. Chainlink has not performed well since then.
  • The $ 20 selling pressure for LINK has also dealt a serious blow to the fundamentals of the altcoin.
  • $ 10 has become a major resistance on the Chainlink charts and LINK bulls have not been able to take a permanent position here so far.

LINK Price Going Below $ 7?

  • An analyst named TraderSZ, who has about 56 thousand followers on Twitter, commented that Chainlink will return to the beginning of August.
  • The LINK price was hovering around $ 6.85 – $ 7 at the beginning of last August.
  • The table shared by the analyst marked the regions to be seen in the LINK chart with the table he shared from his social media account.
  • Although there is a recovery in the V pattern on the Chainlink charts, even in the near future, due to the resistances at $ 10 and $ 11, LINK may experience a larger drop and start trading below the $ 7 band.

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