While Bitcoin and Ethereum have stagnated over recent days, Chainlink (LINK) has seen a strong uptrend. As reported by NewsBTC previously, the asset set multiple milestones over the past week, pushing past $9, then $10. Just minutes ago as of the time of this article’s writing, the altcoin cracked the $11 resistance level. Chainlink now trades for $11.60 — a price 18.3% higher than it was just 24 hours ago. The chart below from TradingView depicts the explosive price action well. Chainlink’s latest leg higher has made the cryptocurrency the seventh-largest by market capitalization. Chart of LINK's price action over the past few weeks from TradingView.com Although the cryptocurrency has seen an extremely strong price performance, not everyone is convinced it will move higher. Related Reading: Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley LaunchesChainlink Pops Past $11—But It May Soon CorrectChainlink’s price action over the past few days has been quite convincing that bulls are in control. But according to the Tom Demark Sequential, the cryptocurrency could soon see a reversal. The TD Sequential is a time-based indicator that prints “9” and “13” candles at inflection points in the trend of an asset. LINK is currently forming a “sell 9” candle on its charts against Bitcoin and the U.S. dollar. This suggests that a multi-day retracement could follow. The last three instances of this signal appearing on the asset’s chart resulted in multi-day consolidations, before LINK pushed higher. Chart of LINK's price action over the past few months with a Tom Demark Sequential overlay from a Telegram channel tracking the indicator. Chart from TradingView.com Commenting on the recent Chainlink price action, one commentator said that he intends on shorting LINK when it reaches $12. He cited how “euphoric” the market is right now, referencing how the cryptocurrency market can (and often has) moved against the majority’s sentiment.
Related Reading: How U.S. Restrictions on Wechat & Other Chinese Brands Could Boost CryptoBitcoin Must Hold $10,500 For Altcoin Strength to Persist: AnalystAlthough the TD Sequential is expecting the asset to retrace, analysts think altcoins will outperform as long as BTC holds $10,500. As reported by NewsBTC, one trader wrote this week:
Price chart of BTC price fractal by digital asset trader il Capo of Crypto (@Cryptocapo_ on Twitter). Chart from TradingView.com With Bitcoin holding the also pivotal $11,500 level into the end of the week (per TradingView), altcoin bulls may have their wish granted for the time being. Related Reading: XRP Breaking Past This Crucial Resistance Could Trigger 45% Rally: TraderFeatured Image from Shutterstock Price tags: linkusd, linkbtc Charts from TradingView.com Chainlink Prints Striking Bearish Reversal Signal After Surging to $11 Via https://www.newsbtc.com/2020/08/08/chainlink-prints-striking-bearish-reversal-signal-surging-11/ |
Blockchain NewsLeading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
Archives
November 2020
|