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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why the Crypto Market’s Hottest Altcoin Chainlink May Lose its Momentum

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
chainlink td9 sell linkusd linkusdt linkbtc crypto altcoin

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Chainlink has been the superstar standout altcoin of the crypto market for the last two years running.

And while the 11th ranked crypto asset has outperformed nearly everything else in the space, its momentum may soon come to a screeching halt as an accurate sell signal has triggered on the altcoin’s daily price charts.

Remembering Chainlink’s Rise to the Top of Crypto Charts

In late 2018, Bitcoin collapse from $6,000 to $3,000, and the rest of the crypto market was decimated in the carnage.

Altcoins suffered worse, if not just as bad. Chainlink reached a low of just twelve cents per LINK token on the USD trading pair.

Chainlink then rallied by over 3,850% over the next several months, peaking at its 2019 high of $4.65 per LINK token.

Related Reading | Mark Cuban’s $4,000 Trickle Up Stimulus Could Provide Boost For Crypto

Just ahead of the Black Thursday collapse that rocked the stock market, precious metals, and cryptocurrencies, while Bitcoin was struggling with resistance at $10,000, Chainlink set a new all-time high, touching $5 per LINK token momentarily before the selloff began.

Prices tanked to under $1.33 per token on the LINKUSD trading pair.

Now Chainlink is back trading at above $4, however, that may be short-lived, as an accurate sell signal triggering on daily price charts of LINKUSD hints that the altcoin’s momentum is fading.

chainlink td9 sell linkusd linkusdt linkbtc

TD9 Sell Setup Triggered On Altcoin Trading Pair Against USD

After breaking its former record and setting a new all-time high in February 2020, Chainlink hasn’t been able to play catch up. Most cryptocurrencies haven’t, either. But more has been expected from the superstar altcoin that’s known for overperformance.

Could those days possibly be over? Not likely, given Chainlink’s strong value proposition that has helped it rise in the first place. However, in the short-term, a set back is expected.

Chainlink has triggered a TD9 sell setup on the LINKUSD trading pair. TD9 setups signaled by the TD Sequential indicator have been highly reliable throughout the last several years of cryptocurrency price action.

Related Reading | Powerful Retail Crypto FOMO Spikes As Institutions Take Pause

It called Bitcoin’s top, the December 2018 and 2019 bottoms, and recently called the top of the February rally just ahead of the historical Black Thursday collapse.

The accuracy of the signal has been proven across many types of financial markets, and the tool was created by market timing expert Thomas Demark.

With the indicator being this accurate and developed specifically for timing markets, seeing a strong pullback in the days or weeks ahead on the LINKUSD pair is likely and would confirm the signal was valid.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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.

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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

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