• 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

LINK May Fall by Another 40% as Price Validates Bearish Pattern

Yashu Gola by Yashu Gola
4 months ago
in Cryptocurrency news, Technical analysis
Reading Time: 2min read
LINK May Fall by Another 40% as Price Validates Bearish Pattern

Bear Market Icon Symbol Vector Concept

Advertisement
Listen to Article

As LINK trends lower and leave behind a trail of lower highs and lower lows, the decentralized finance token is forming a Descending Channel.

LINK, Chainlink, cryptocurrency, LINKUSD, LINKBTC, DeFi
LINK trade setup hints at a further breakdown. Source: TradingView.com
LINK trade setup hints at a further breakdown. Source: TradingView.com

The area between the green trendlines has been where the LINK downtrend is taking place since August 15. After posting a humongous 1,500 percent price rally, the token corrected lower by as much as 65 percent from its yearly top at $20.62.

LINK’s downside move also saw a periodic weakness in its buying strength, according to its daily Relative Strength Index that – too – formed lower highs and lower lows. The sync between the price and the momentum showed a brewing bearish trend in the market.

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

That leaves LINK possibilities of continuing its downside move, with the Ascending Channel serving as an indicator for traders to identify the token’s rebound and pullback levels. Based on its recent performance, LINK/USD is now pulling back after testing the upper trendline of the Channel.

LINK Price Targets

Lately, any pullback from the Channel’s resistance trendline leads the token lower towards its support trendline. That means the price could fall towards $5.82 in the coming sessions – a 40 percent crash from where LINK/USD is trading at the time of this writing.

The $5.82-level has earlier served as support on two occasions during LINK’s uptrend in July 2020. That also gives the floor a historical context of capping LINK/USD from falling anywhere lower.

Nevertheless, there may be a possibility that the pair breaks below $5.82 based on the level’s volume profile, as shown in the chart below.

LINK, Chainlink, cryptocurrency, LINKUSD, LINKBTC, DeFi
LINK price targets based on VPVR readings. Source: TradingView.com
LINK price targets based on VPVR readings. Source: TradingView.com

In retrospect, Volume Profile is an advanced charting study that displays trading activity over a specified time period at specified price levels. It allows traders to realize where the trades are higher active based on a historical volume log.

The indicator shows $5.82 as the level as one of the minimum trading activities since February 2020. Meanwhile, the $4.09-level below it shows a higher VPVR reading.

It typically points to a weak retest of $5.82 as support, which may lead LINK lower towards $4.09. After that, the DeFi token could attempt a pullback towards $5.82, followed by a breakout towards $8.98.

Or $8.98-Support?

Conversely to the whole bearish narrative, LINK could attempt an early rebound at $8.98, followed by a retest of the Descending Channel’s upper trendline. In the event of a breakout, the next levels to watch are $11.20, $13.43, and $16.18.

Tags: chainlinkcryptocurrencyDeFiLinkLINKBTCLINKUSD
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
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. 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.

Related Posts

Ethereum

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

2 hours ago
bitcoin bear trend adx

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

3 hours ago
Bitcoin

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

7 hours ago
Finlaw Associates to Submit Draft Cryptocurrency Regulation to Indian Govt as Community Demands for Clarity, Mr. Mishra Explains

Finlaw Associates to Submit Draft Cryptocurrency Regulation to Indian Govt as Community Demands for Clarity, Mr. Mishra Explains

10 hours ago
Polkadot (DOT)

Charted: Polkadot (DOT) Holding Gains Despite Sharp Drop in BTC and ETH

15 hours ago
Ethereum

TA: Ethereum Starts Recovery, Why ETH Could Face Resistance Near $1,250

17 hours 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.