Chainlink Is Poised to Drop Even Further If This Level Is Lost
One crypto trader thinks that if Chainlink (LINK) slips any lower after dropping over 50% from its all-time high, a strong drop could ensue. He shared the chart below just recently, noting that the cryptocurrency is currently running up against a crucial level of support that marked the highs of a rally in July.
The historical importance of that level suggests that if LINK loses it as support, a strong correction will follow.
Chart of LINK's price action over the past few months with analysis by crypto trader and chartist Loma (@LomahCrypto on Twitter). Chart from TradingView.com
This was echoed by another market commentator who noted that the cryptocurrency is coming up against a “giga” support level that should hold or else things will get “ugly” for the coin.
Featured Image from Shutterstock Price tags: linkusd, linkbtc Charts from TradingView.com After 50% Drop, Chainlink (LINK) Is Reaching a Do or Die Technical Level
Originally from Bitcoinist.com https://ift.tt/301RM0m
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