{"id":436247,"date":"2020-08-25T23:00:18","date_gmt":"2020-08-25T23:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=436247"},"modified":"2024-06-11T14:15:35","modified_gmt":"2024-06-11T14:15:35","slug":"chainlink-is-poised-to-plunge-towards-12-50-as-selling-pressure-mounts","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink-is-poised-to-plunge-towards-12-50-as-selling-pressure-mounts\/","title":{"rendered":"Chainlink is Poised to Plunge Towards $12.50 as Selling Pressure Mounts"},"content":{"rendered":"
Chainlink, like most other altcoins, is facing some heightened selling pressure today due to the market-wide downturn.<\/p>\n
This has compounded the weakness that LINK was already facing prior to the declines seen by Bitcoin<\/a>, Ethereum, and most other major altcoins today.<\/p>\n Despite seeing some weakness today that has erased the gains it posted over the past couple of days, it is important to note that Chainlink is still trading well-above its recent lows of $12.00 that were set just last week.<\/p>\n Analysts are noting, however, that a visit towards these lows may be imminent, as it doesn\u2019t have any significant support until $12.50 \u2013 according to one indicator.<\/p>\n One trader is even noting that he is watching for a retrace down towards its key near-term support at $9.00.<\/p>\n At the time of writing, Chainlink is trading down just under 6% at its current price of $14.20. This marks a notable decline from daily highs of roughly $15.50 that were set yesterday.<\/p>\n The cryptocurrency has been facing turbulence<\/a> ever since its price rebounded from lows of under $13.00 just last week.<\/p>\n The rebound from these lows led LINK to highs of $16.50 before it lost its momentum and began sliding lower.<\/p>\n LINK’s rejection at these highs ultimately caused it to see a bout choppy trading between $14.75 and $15.80.<\/p>\n Today’s decline, however, seems to mark a bearish resolution to this bout of sideways trading.<\/p>\n Analysts are now noting that downside may be imminent in the days ahead, as Chainlink still has room to fall before it retests its lower lows.<\/p>\n One trader is specifically setting his sights<\/a> on a movement to $9.00 in the near-term.<\/p>\n \u201cLINK bulls eyes on $9 sorry,\u201d he said while pointing to the levels marked on the below chart.<\/p><\/blockquote>\n <\/p>\n Despite the aforementioned analyst\u2019s $9.00 price target, the one key level that may stop Chainlink from diving to these lows sits at $12.50.<\/p>\n While speaking about this level, one analyst noted<\/a> that this is around where the cryptocurrency\u2019s<\/a> \u201ckijun cloud\u201d suggests there is support.<\/p>\n \u201c1D LINK: Cloud likes 12.5 as supp (kijun),\u201d he explained.<\/p><\/blockquote>\n <\/p>\n If the support at this level falters, it may send Chainlink into a tailspin that leads it into the sub-$10.00 region \u2013 marking a 50%+ decline from its multi-week highs.<\/p>\n Chainlink, like most other altcoins, is facing some heightened selling pressure today due to the market-wide downturn. This has compounded the weakness that LINK was already facing prior to the declines seen by Bitcoin, Ethereum, and most other major altcoins today. Despite seeing some weakness today that has erased the gains it posted over the past couple of days, it is important to note that Chainlink is still trading well-above its recent lows of $12.00 that were set just last week. Analysts are noting, however, that a visit towards these lows may be imminent, as it doesn\u2019t have any significant support until $12.50 \u2013 according to one indicator. One trader is even noting that he is watching for a retrace down towards its key near-term support at $9.00. Chainlink Shows Signs of Weakness Following Overnight Downturn At the time of writing, Chainlink is trading down just under 6% at its current price of $14.20. This marks a notable decline from daily highs of roughly $15.50 that were set yesterday. The cryptocurrency has been facing turbulence ever since its price rebounded from lows of under $13.00 just last week. The rebound from these lows led LINK to highs of $16.50 before it lost its momentum and began sliding lower. LINK’s rejection at these highs ultimately caused it to see a bout choppy trading between $14.75 and $15.80. Today’s decline, however, seems to mark a bearish resolution to this bout of sideways trading. Analysts are now noting that downside may be imminent in the days ahead, as Chainlink still has room to fall before it retests its lower lows. One trader is specifically setting his sights on a movement to $9.00 in the near-term. \u201cLINK bulls eyes on $9 sorry,\u201d he said while pointing to the levels marked on the below chart. Image Courtesy of Ledger Status. LINK\u2019s Cloud Formation Suggests $12.00 Remains a Strong Support Level Despite the aforementioned analyst\u2019s $9.00 price target, the one key level that may stop Chainlink from diving to these lows sits at $12.50. While speaking about this level, one analyst noted that this is around where the cryptocurrency\u2019s \u201ckijun cloud\u201d suggests there is support. \u201c1D LINK: Cloud likes 12.5 as supp (kijun),\u201d he explained. Image Courtesy of Josh Olszewicz. Chart via TradingView. If the support at this level falters, it may send Chainlink into a tailspin that leads it into the sub-$10.00 region \u2013 marking a 50%+ decline from its multi-week highs. Featured image from Shutterstock. Charts from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":435181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,4],"tags":[75941,75940,79480],"class_list":["post-436247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-analysis","tag-linkbtc","tag-linkusd","tag-linkusdt"],"acf":[],"yoast_head":"\nChainlink Shows Signs of Weakness Following Overnight Downturn<\/strong><\/h2>\n
Image Courtesy of Ledger Status.<\/pre>\n
LINK\u2019s Cloud Formation Suggests $12.00 Remains a Strong Support Level<\/strong><\/h2>\n
Image Courtesy of Josh Olszewicz. Chart via TradingView.<\/a><\/pre>\n
Featured image from Shutterstock.\r\nCharts from TradingView.<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"