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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Great Time For LINK Rally, Hints Analyst As Price Rebounds 20%

Yashu Gola
Yashu Gola
4 years ago
2 mins read
Great Time For LINK Rally, Hints Analyst As Price Rebounds 20%

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Created by industry experts and meticulously reviewed
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The analyst who correctly predicted a major drop in the LINK price earlier this September had eased his bearish bias on the cryptocurrency.

Per the pseudonymous entity, LINK/USDT is in the middle of confirming a bottom after plunging by almost 63 percent from its YTD/record top at $20. The said downside move brought the pair inside what appears to be a reliable support range.

The analyst highlighted the area in his latest tweet as he made a cautious bullish prediction.

LINK, Chainlink, crypto, DeFi, decentralized finance
LINK/USDT is looking to establish a price floor as per Lomah Crypto. Source: TradingView.com
LINK/USDT is looking to establish a price floor as per Lomah Crypto. Source: TradingView.com

“Pretty obvious [support] here which kinda worries me,” the analyst tweeted. “But whatever, assuming that the low is set and we get a (larger) move up in the mid-term.”

He expected LINK/USDT to attempt a sharp bounce back from the $7-8 range. The analyst further hoped that the pair would retrace to as high as $12.90 – if it manages to close below a string of short-term upside targets, as shown in the chart below.

“I think LINK would find some relief after running weekly support,” he added.

Green Among Reds

The analyst’s statements followed a relief rebound in the LINK market in the running week. The DeFi token surged by more than 20 percent after forming a low at $7.31. As of today, it was trading by as much as $8.99.

LINK’s rebound appeared despite a market-wide bearish sentiment. The top cryptocurrency, Bitcoin, for instance, plunged 0.5 percent in a seesaw trading session Thursday.

Its choppy view left altcoins in a similar state, with the second-largest crypto Ethereum plunging by more than 1 percent, as well.

In the same timespan, LINK was up more than 6 percent. It was the only high-cap cryptocurrency in the green while the rest tumbled.

LINK, Chainlink, crypto, DeFi, decentralized finance
LINK posted positive returns on Thursday while others plunged. Source: Messari
LINK posted positive returns on Thursday while others plunged. Source: Messari

The standalone upside performance excited other analysts as well. Koroush AK, a Bengaluru-based market analyst, said that it is a “great time” for traders to enter the LINK market from a medium-term perspective.

“Heck, I’m going to do it publicly like I’ve done with BTC since early this year,” he added.

Dissenting LINK Outlooks

LINK also received some skepticism from other prominent daytraders and analysts.

A prominent yet pseudonymous trader noted that LINK was bouncing off ahead of testing its 200-day moving average support. Nevertheless, he also anticipated the DeFi token to continue its downtrend below the said price floor, stating that the price could fall to $7.

$LINK

200DMA incoming although remember that if BTC isn't finished correcting, it won't care about LINK's MA's. https://t.co/SdmGry4i3Y pic.twitter.com/XIHmSfNJvS

— Posty (@PostyXBT) September 24, 2020

Another analyst added that LINK has not bottomed yet, also expecting the token to test $7 before deciding on his next market bias.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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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

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