ICOCalendar.Today

  • ICO Directory ๐Ÿ“–
  • ICT Token ๐Ÿ”ฅ
  • Blockchain News ๐Ÿ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project ๐Ÿ’ฃ
  • Submit Press Release ๐Ÿ‘
  • ICO Directory ๐Ÿ“–
  • ICT Token ๐Ÿ”ฅ
  • Blockchain News ๐Ÿ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project ๐Ÿ’ฃ
  • Submit Press Release ๐Ÿ‘

If History Repeats This Trend Could Put a Bloody End to Chainlinks Macro Strength

5/29/2020

Comments

 
Chainlinkโ€™s immense strength throughout the past couple of years has allowed the cryptocurrency to become one of the most bullish digital assets. This price action has allowed it to form a market structure that led it up to fresh all-time highs just a couple of months ago. Analysts are now noting that the crypto is well positioned to see further upside from a technical perspective, as it may soon make a bid at its previously established highs. It is important to note that this technical strength may be plagued by a grim trend that has historically emerged prior to massive price declines. If history repeats itself, the crypto could soon post a local top that invalidates its macro uptrend. Bearish Trend Emerges, Suggesting Chainlink Could Soon See Notable Losses  At the time of writing, Chainlink is trading up marginally at its current price of $3.96. The cryptocurrency has seen some immense volatility over the past 24 hours, rocketing up to highs of $4.10 around this time yesterday before facing a harsh rejection that subsequently led it down to lows around its current price levels. This price action has come about in tandem with that seen by Bitcoin. It rallied up to highs of $9,700 yesterday before losing its momentum and declining to lows of $9,350. The benchmark cryptocurrency has since been hovering around this support level, struggling to garner any further upwards momentum. In addition to Bitcoin placing some pressure on Chainlink, there is another emerging trend that could cause LINK to post some notable near-term losses. Social volume for the crypto has been rocketing higher in recent times. Over the past six months, erroneous rises in social volume have come about just before sharp price declines. Data analytics platform Santiment spoke about this in a recent tweet, explaining that these rises always tend to correlate with local tops. โ€œItโ€™s interesting to see how the past six months have looked for LINK. Generally, these high spikes almost always correlate for a local top, so watch to see just how this current mid-level social volume bar ends up closing,โ€ they noted while referencing the below chart. Image Courtesy of Santiment Analysts Think LINK Remains Technically Strong Despite this trend being potentially bearish, it is important to note that some analysts still believe it could see further upside. One analyst spoke about this in a recent blog post, explaining that he is anticipating Chainlink to see a rally to its all-time highs around $5.00 if it is able to post a clean break of the resistance it faces at $4.30. โ€œResistance overhead is at $4.30 and if price was able to break above this I would expect to see a test of all-time highs fairly swiftly. Invalidation for longs would be a clean break below $3.40,โ€ he said while pointing to the chart seen below. Image Courtesy of Nik Patel Featured image from Shutterstock.

Via https://www.newsbtc.com/2020/05/30/this-trend-could-end-chainlinks-uptrend/?utm_source=rss&utm_medium=rss&utm_campaign=this-trend-could-end-chainlinks-uptrend
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.