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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Chainlink Downtrend Could Continue Toward New Lows Despite Record Rebound

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
Chainlink

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Chainlink recently saw a record-breaking rebound, closing an intraday rally with more than 30% gains on the day. The recovery kept climbing but has since turned around at the top of a downtrend channel that thus far has been holding.

Will the downtrend take the cryptocurrency lower? And what other factors back up any theories predicting more downside in the altcoin ahead?

Chainlink Downtrend To Deepend, Following Record-Breaking Rally And Rejection

Last week, after sweeping lows, Chainlink rebounded from under $8 back up to over $11 at the local high. The over 30% surge broke records for the most green day in all of 2020 – a year where the altcoin has been just about unstoppable.

The year started off with the cryptocurrency setting fresh highs, only to collapse during the Black Thursday carnage to nearly zero.

The bounce from lows sent Chainlink on a journey toward price discovery mode, and eventually peaked at $20 per LINK token.

From that peak, however, a downtrend channel has formed, and despite a record-breaking rally last week, the cryptocurrency was unable to break free. Failure to break out from the downtrend, could lead to new local lows.

chainlink linkusd downtrend

LINKUSD Daily Downtrend Pitchfork Channel | Source: TradingView

Technical Indicators Gives Credence To Crypto Asset’s Further Collapse

Downtrend channels are subjective, extended across price action manually using technical analysis drawing tools. But technical analysis indicators are created using precise mathematical formulas, leaving little room for interpretation and user error.

These various tools, also suggest that Chainlink is ready for another dive lower.

According to the Bollinger Bands, a volatility measuring tool consisting of a moving average and two standard deviations, Chainlink was just rejected from the “mid-BB.” Rejections from this area, often are followed by a move to retest the lower band.

Reclaiming the middle-line, would suggest the opposite and send Chainlink towards the top of the band.

chainlink linkusd bollinger bands

LINKUSD Daily Middle Bollinger Bands Rejection | Source: TradingView

The Bollinger Bands aren’t the only indicator backing up the idea behind the downtrend channel. The Ichimoku indicator also paints an extremely bearish picture.

The “at a glance” indicator says a lot about price action. Looking backward on the chart, the chikou span, or lagging span, shows the price line hanging onto weak support.

chainlink linkusd ichimoku

LINKUSD Daily Ichimoku Rejection | Source: TradingView

The chikou span traces back 26 trading sessions and helps plot support and resistance levels. The chikou span looks back, but the cloud looks ahead. The cloud itself is twisted bearish, suggesting bearish future price action.

Finally, the kijun-sen (red) is above the tenkan-sen (blue) line signaling bearish price action, and Chainlink itself is in the process of being pushed downward further by the kijun-sen.

Using the Ichimoku indicator to find potential levels of support lower than the previous level that held, points to targets of $6 and $4.80 per LINK token. Unless the cryptocurrency can burst upward out of the downtrend channel, that is.

Featured image from Deposit Photos, Charts from TradingView
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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.

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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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