• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Analyst: Chainlink Could Still Set Fresh Lows Despite Yesterday’s 30%+ Rally

Cole Petersen by Cole Petersen
4 months ago
in Cryptocurrency news, Technical analysis
Reading Time: 2min read
Analyst: Chainlink Could Still Set Fresh Lows Despite Yesterday’s 30%+ Rally
Advertisement
Listen to Article

After a multi-week bought of grinding lower, Chainlink saw a capitulatory decline earlier this week that came about in the form of a sharp downturn. This caused LINK to plummet to lows of under $7.50 – marking a massive decline from its $20.00 monthly highs.

Following the dip to this price region, the cryptocurrency incurred an influx of buying pressure that caused it to see a massive upswing that led it to highs of $10.50.

The significance of this rebound cannot be overstated, as it appears to have fundamentally altered the cryptocurrency’s mid-term outlook, with its recent lows potentially marking a long-term bottom.

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

It did face a slight rejection at its daily highs, but it does appear to be well-positioned to see further gains in the near-term as bulls start regaining their strength.

Despite the overt strength that Chainlink is currently expressing, it is important to note that analysts are still wary of its price action.

One trader is noting that he still expects it to set another low before it can rally any higher.

Chainlink Posts “V-Shaped Recovery” Following Dip Below $7.50 

At the time of writing, Chainlink is trading down just over 1% at its current price of $9.70. This marks a slight decline from its recent highs of $10.50 that were visited for a brief time yesterday.

The rally to these highs came about as a result of two primary factors.

Firstly, the reaction to its decline below $7.50 was rather intense, sparking a massive influx of buying pressure. Bitcoin’s upswing to $10,800 also perpetuated this move.

Despite facing a rejection at these highs, LINK’s strength may extend further in the near-term as bulls try to retake control of its near-term price action.

Analyst: LINK Still Likely to Set Lower Lows

Despite the overt strength expressed throughout the past couple of days, one trader is still expecting Chainlink to set lower lows. He questioned the veracity of this upswing in a tweet, saying:

“I’m getting Bitcoin fake-China-pump vibes from that move on LINK today. Don’t think we are out of the woods just yet, think we probably make another lower low before this is over.”

Chainlink LINK

Image Courtesy of Credible Crypto. Chart via TradingView.

He said this in reference to the October 2019 pump seen by Bitcoin that sent it surging up from the $7,000 region to highs of $10,500.

If this latest Chainlink pump does end up being similar to the October “scam pump” posted by Bitcoin, it could mean that a sharp retrace is imminent.

Featured image from Unsplash.
Charts from TradingView.
Tags: LINKBTCLINKUSDlinkusdt
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 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

Ethereum

Ethereum Starts Fresh Increase, Why ETH Could Surge To $1,500

2 hours ago
Bitcoin

Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again

3 hours ago
Ethereum

Here’s the Key Demand Zone Ethereum Might Test Before Surging Higher

14 hours ago
Ethereum

Ethereum Could See an Explosive Move Higher Following Massive 20% Surge

1 day ago
bitcoin bear trend adx

Bear Trend Begins To Take Hold In Bitcoin For First Time Since October 2020

2 days ago
Bitcoin

Bitcoin Tests a Critical Resistance Following Overnight Rebound; What’s Next?

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 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.