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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Chainlink 30% Rally Closes Record “Best” 2020 Daily Performance

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bitcoin broken record

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Chainlink may be trading at half of its all-time high, but it just broke a new record – this time for its best single-day performance in all of 2020.

With such an outstanding rebound from local lows making the early days of the rally look weak by comparison, is this a sign that Chainlink is ready to set its sights back on new price records next?

Chainlink Sets Record For Best Intraday Performance In 2020

Chainlink has once again been the best performing crypto asset across the market for the second year in a row. From the Black Thursday low to high, LINKUSD surged by over 1200% before the $20 top proved to be the one level the altcoin couldn’t yet breach.

Related Reading | Mega Bitfinex Bitcoin Whale: Chainlink FOMO Will Eventually Fizzle

However, the seemingly unstoppable rocket ship that is Chainklink, may have only pulled back to refuel its jets. After a fall from the 2020 peak to the recent low of $7.50, representing an over 60% correction, the asset rallied over 30% yesterday.

LINKUSD Daily 2020 Intraday Rally Record | Source: TradingView

In 24 hours alone, from the bottom of the daily candle’s wick to the high on the same day, Chainlink rallied well over 39%. In two days, LINKUSD is up 46%, erasing much of the losses from the fall from the top.

Crypto Stand Out Star May Not Be Out Of The Woods, 80% Or More Correction Possible

Chainlink’s powerful recovery is just as strong as the lead up to the asset’s all-time high earlier this year, and then some. However, after falling more than 60% from its peak, the asset in just 38 days reached incredibly oversold conditions.

When any asset becomes that oversold, a strong bounce is possible. When Bitcoin first collapsed from $20,000, it first fell to $6,000, then immediately rebounded back above $11,000 before the bear market began.

Related Reading | Chainlink Correction “Healthy,” But Losing $8 Could Turn Holders Into “Submarines”

Just because Chainlink’s recovery is impressive, it doesn’t necessarily mean that the asset is will be off to new all-time highs once again. The altcoin’s parabolic advance has been broken, and when that occurs, statistics show that assets regularly fall 80% or more afterward.

LINKUSD Daily 2020 Intraday Rally Record | Source: TradingView

This same occurrence and price target was reached in Bitcoin after it lost $20,000, but it took an entire year for the asset to reach the target. Several dead cat bounces took place all throughout the first phase of the bear market, forming a descending triangle. In total, Bitcoin fell over 84%, depicted in the LINKUSD chart above.

Looking back at Chainlink’s chart, its only retested one major support level. It may retest several more levels deeper in the days ahead. If it does, that doesn’t make the cryptocurrency any less valuable as a long-term hold. However, it may not be worthing chasing the recent gains, and waiting for another retest to buy into the once-unstoppable altcoin.

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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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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