NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Here’s Why One Analyst Thinks Chainlink Could See a Violent 70% Selloff

Cole Petersen
Cole Petersen
5 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Chainlink’s intense upwards momentum showed some signs of faltering earlier this week when the cryptocurrency declined from weekly highs of nearly $4.00 to lows of $3.55 in a sharp downwards movement that jarred investors.

In the time since visiting these lows, buyers have been able to firmly establish the mid-$3.00 as a strong support level, boosting it higher each time it taps this region.

It is important to note, however, that this price action has led LINK to decline beneath a key ascending trendline that was previously guiding its upwards momentum.

The break below this level has opened the gates for significantly further downside, leading some analysts to predict that it could see losses totaling at 70% or more in the days ahead.

Analyst Believes Chainlink Could be Forming a “Bear Trap” 

At the time of writing, Chainlink is trading up just over 2% at its current price of $3.77, marking a notable upswing from daily lows of $3.55 that were set overnight.

The decline to these lows erased virtually all of the gains that the crypto posted during last week’s uptrend, working to tip the scales into the favor of sellers.

LINK’s strong support in the mid-$3.00 region did prove to be enough to stop it from seeing any further downside, however, and has even led one analyst to believe that this latest drop could be a “bear trap.”

“LINK I think this move is a bear trap and we’ll see price close back above the orange midpoint from here and move back up,” the analyst explained while referencing the chart seen below.

Chainlink Crypto LINK
Image Courtesy of Bagsy

He further added that while looking towards its BTC trading pair, a failure for it to confirm this possibility could open the gates for a decline down towards 0.00038 BTC – a notable decline from its current price of 0.00043 BTC.

“If I’m wrong, price should be revisiting the 38K region next,” he said in reference to the previous comment.

LINK’s Break Beneath a Key Ascending Trendline Opens the Gates for Serious Losses

One technical development that could lead Chainlink to see some notable losses in the days and weeks ahead is the fact that it has now navigated below a trendline that was previously boosting its price action.

This occurrence has led one popular analyst – who has a track record of accurately forecasting major declines seen by other altcoins – to note that LINK is now poised to decline over 70% to $1.00.

He pointed to this downside target in a chart he recently offered, pointing towards the break below the ascending trendline that was formed in the time following its capitulatory decline in mid-March.

Image Courtesy of il Capo Of Crypto
Featured image from Unplash.
Tweet123Share208ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Noile tendințe din piața crypto: Unde se îndreaptă investitorii acum?

Piața criptomonedelor traversează o etapă intensă, în care interesul investitorilor crește pe măsură ce volatilitatea aduce noi oportunități. Bitcoin se...

antonio 4 hours ago
Dogecoin

Dogecoin Pulls Back But Ichimoku Alignment Signals Strength; See Why

Dogecoin recently faced a slight pullback after hitting a fresh high, yet its overall momentum remains firmly intact. Key Ichimoku...

Godspower Owie 5 hours ago
Ethereum Foundation’s PSE Rebrands & Emphasizes End-to-End Privacy – Best Wallet Enhances Crypto User Control

Ethereum Foundation’s PSE Rebrands & Emphasizes End-to-End Privacy – Best Wallet Enhances Crypto User Control

The Ethereum Foundation’s Privacy and Scaling Explorations team has rebranded as Privacy Stewards of Ethereum (PSE). Such a name change...

Aaron Walker 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Lower Bitcoin Dominance Reinforces Altcoin Strength — Here’s How

Godspower Owie 2 hours ago
Dogecoin

Dogecoin Price Just Broke A Regional High For The First Time This Year, Why A 300% Rally To $1 Is Possible

Scott Matherson 3 hours ago
DeFi is de belangrijkste trend in crypto in 2025 - wordt Pendle het epicentrum?

DeFi is de belangrijkste trend in crypto in 2025 – wordt Pendle het epicentrum?

Lars Diederiksen 3 hours ago

Premium Sponsors

Press Releases

  • Melyik kriptovalutát érdemes most megvenni | A legjobb kriptovaluták, amelyekbe 2025-ben érdemes befektetni

    Melyik kriptovalutát érdemes most megvenni | A legjobb...

    1 minute ago
  • 5 криптовалути, които да следим...

    2 minutes ago
  • Najlepsze altcoiny do kupienia przed decyzją FED z 17 września w sprawie stóp procentowych

    Najlepsze altcoiny do kupienia przed decyzją FED z 17...

    16 minutes ago
  • 5 kryptowalut, które warto obserwować w październiku, z potencjałem wzrostu o 5000%

    5 kryptowalut, które warto obserwować w październiku, z...

    49 minutes ago
  • 6 znanych altcoinów, które mogą wzrosnąć w październiku

    6 znanych altcoinów, które mogą wzrosnąć w...

    2 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.