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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

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

Yashu Gola
Yashu Gola
4 years ago
2 mins read
LINK May Fall by Another 40% as Price Validates Bearish Pattern

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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.

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.

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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

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The highest standards in reporting and publishing
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