Chainlink Is Primed to Reverse After Bounce?
Chainlink could soon drop back towards the $14 local lows as the ongoing bounce loses momentum.
A trader shared the chart below, noting that there’s an opportunity for the asset to reverse around 13% to $14, before potentially bouncing back towards the range highs.
Chart of LINK's price action since the start of August with analysis by crypto trader "Stackin Bits". Chart from TradingView.com
While the analyst above is expecting a retracement, then a bounce, some think LINK is forming a medium-term downtrend.
One analyst that goes by “Steve” says that a pullback for Chainlink to $13 will likely soon arrive:
Also, as reported by Bitcoinist previously, one trader noted that LINK is forming a lower high and lower low against BTC. This suggests it is in a downtrend:
Chart of LINK's recent price action with analysis by trader Posty (@PostyXBT on Twitter). Chart from TradingView.com
What Do the On-Chain Fundamentals Say?
The on-chain fundamentals for the asset remain strong despite the weakness in the price.
Blockchain analytics firm IntoTheBlock reports that Chainlink is currently “mostly bullish,” with the net network growth, smart price concentration, and futures market momentum indicators printing “bullish” readings.
There seem to be more sell orders than buy orders for LINK at the moment, though.
Featured Image from Shutterstock Price tags: linkusd, linkbtc Charts from TradingView.com Chainlink (LINK) Could Soon Reverse to $14 Despite 20% Price Bounce
Originally from Bitcoinist.com https://ift.tt/31hZ80D
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.