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chainlink td9 sell linkusd linkusdt linkbtc crypto altcoin

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

Tony "The Bull" by Tony "The Bull"
3 years ago
in Cryptocurrency Market News
Reading Time: 2 mins read

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.

Tags: altcoinchainlinkcryptoLINKBTCLINKUSDlinkusdttd9
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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