Chainlink Is Readying for a Bigger Correction: Analysts
A number of analysts are preparing for an even larger dip in the price of Chainlink, even after a 20% correction.
One cryptocurrency trader shared the chart below on August 20th. It shows that LINK’s recent price action has formed the first lower low and potential lower high in this uptrend. This means that the bullish market structure that Chainlink had has been broken, which opens the floor to a retracement:
Chart of LINK's recent price action with analysis by trader Posty (@PostyXBT on Twitter). Chart from TradingView.com
This skepticism has been shared by a number of other commentators.
One analyst that goes by “Steve” says that a pullback for Chainlink to $13.00 is imminent,
On-Chain Fundamentals Still Look Decent
LINK’s on-chain fundamentals are still in a good state despite the ongoing correction and the expectations of further downside.
Blockchain analytics firm Santiment reported on August 19th that the number of unique addresses transacting Chainlink remains high, boding well for the price action:
Chart of LINK's daily active address count vs. other cryptocurrencies like ETH, KNC, BAND, and SNX from Santiment, blockchain analytics firms.
Photo by olly allars on Unsplash Price tags: linkusd, linkbtc Charts from TradingView.com There's a Mass of Analysts That Think Chainlink (LINK) Will Drop After Falling 25%
Originally from Bitcoinist.com https://ift.tt/31jAxsp
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