• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Analyst: Chainlink Looks “Weak and Heavy” as It Flashes Signs of Bearishness

Cole Petersen by Cole Petersen
2 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
Advertisement

Chainlink has witnessed some intense selling pressure throughout the past couple of days, with the cryptocurrency being unable to mirror the gains seen by Bitcoin today.

These losses have struck a blow to its technical outlook, potentially opening the gates for it to see further downside in the coming weeks and months.

While speaking about its technical outlook, one analyst said that he is anticipating LINK to see significantly further downside unless bulls step up and reverse the ongoing downtrend.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

He specifically is noting that the crypto is beginning to look “weak and heavy” as it trades near the lower boundary of its mid-term range that has been established throughout the past few months.

There is one strong support level that exists just below where Chainlink is currently trading at.

Its reaction to this level could illuminate its technical outlook, as a break below it may spark a capitulatory plunge similar to that seen early this month, during which time LINK hit lows of $9.00.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Chainlink Struggles to Hold Above Lower Range Boundary as Selling Pressure Ramps Up

At the time of writing, Chainlink is trading down over 4% at its current price of $11.63. This marks a notable decline from recent highs of $13.20 that were set just a few days ago.

The trading range that LINK has established throughout September exists between $11.20 and $13.20.

The cryptocurrency has posted strong responses to both of these levels throughout the past few days and weeks, and it is now fast approaching the bottom of this range.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

If the $11.20 level doesn’t hold strong as support, a break below it could spark a capitulatory plunge that causes the crypto to see serious losses.

This potential decline could be similar to that seen in early-September when Chainlink dove to lows of $9.00 before rebounding.

Analyst: Buyers Need to Step Up and “Save” LINK Soon to Avoid Serious Downside 

While looking towards Chainlink’s market structure, one analyst explained that he is expecting Chainlink to see further downside unless bulls step up and reverse its ongoing downswing.

He is particularly looking towards Bitcoin for insight into where LINK may trend next.

“Link Marines better step in and save LINK soon. This…looks weak and heavy atm. If Bitcoin trips, even a little bit, I think Chainlink goes back under $10 again and stays there for a bit.”

Chainlink

Image Courtesy of Loma. Chart via TradingView.

How both Bitcoin and Ethereum trend in the near-term will likely also hold some influence over Chainlink’s trend.

Featured image from Unsplash.
Charts from TradingView.
Tags: LINKBTCLINKUSDlinkusdt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

7 hours ago
Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

8 hours ago
Ethereum Price

Ethereum Sees Setback After Breaking $2k, But Price Likely to Maintain Upward Trajectory

12 hours ago
Decentraland

Decentraland Consolidates Near $1.05 – Can MANA Attract Buyers Now?

13 hours ago
Shiba Inu

Shiba Inu (SHIB) Buildup At This Price Level Could Be Favorable

15 hours ago
Taro Taro Taro

Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market

15 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Earn Rewards From Quilvius Using Bitcoin

August 13, 2022

Gnox (GNOX), Sandbox (SAND) and Decentraland (MANA): The Most Promising Investments in 2022

August 13, 2022

Here’s What Arab Investors Are Buying Right Now! Uniglo (GLO), Fantom (FTM), Bitcoin (BTC) And Spookyswap (BOO)

August 13, 2022

LBank Exchange Will List RedEyesMovement (REM) on August 15, 2022

August 13, 2022

As Nearly 75% of Retailers Plan to Accept Crypto, Watch Out for Dogecoin and HachiFi

August 13, 2022

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 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.