Down 17% From $9 High, Analysts Think Chainlink (LINK) Will Continue Plunge

  • Up until last week, Chainlink (LINK) was one of the best-performing cryptocurrencies in the market. The asset had rallied around 500% since the March lows.
  • After a slowdown in the altcoin market’s momentum, LINK has slumped. It is now down approximately 20% from its all-time high price set last week.
  • Analysts think that the asset is primed to move lower as the technical case remains in the hands of bears.

After an exponential rally, Chainlink is finally experiencing one of its first major pullbacks after last week’s major high near $9. As of the time of this article’s writing, the asset trades at $7.44, approximately 17% below that high.

While the asset’s holders have yet to capitulate, there remain technical indicators that suggest the asset is primed to slide lower in the weeks ahead.


Chart of Chainlink’s price action against the U.S. dollar over the past two weeks. Chart from

Analysts Agree That Chainlink Room To Fall

A Telegram channel that tracks the instances of the Tom Demark Sequential just noted that Chainlink just flashed a bullish sign. Against BTC, the cryptocurrency on its weekly chart just printed a “sell 9” candle according to the sequential.

This is important for traders as “9” candles, as per the TD Sequential, are often seen at an inflection or reversal point in an asset’s trend. That’s to say that this latest signal suggests the altcoin will see a strong correction against Bitcoin.


Chart of LINK’s macro price action (against Bitcoin) from a Telegram channel tracking the Tom Demark Sequential. Chart from

The expectations of a reversal in the LINK market against BTC have been echoed by Josh Olszewicz.

As reported by Bitcoinist previously, the analyst identified four factors backing his bearish sentiment. They are as follows:

  • The pair’s RSI reading on the one-day chart has reached an all-time high around 90.
  • LINK rallied close to an “R5” yearly pivot resistance.
  • The asset reached the top of a pitchfork extension pattern.
  • A bearish divergence formed between the 12-hour RSI and the price action.

Chainlink (LINK)

Chart of Chainlink (LINK) against Bitcoin since mid-2018 from trader Josh Olszewicz (@CarpeNoctum on Twitter). Chart from

A Strong Fundamental Trend

Chainlink’s fundamentals remain strong in spite of the bearish technical analyses recently shared by top analysts.

China’s Blockchain Service Network (BSN), for instance, said in June that it will be using technology from the project:

“This integration of Chainlink provides BSN users additional security, reliability, and interconnectivity to help fuel even greater growth and adoption of blockchain applications in China and around the world.”

Countless other firms and organizations in this industry are leveraging the startup’s oracles to bolster their products.

How this will translate into LINK’s adoption and respective price action, though, is not yet clear.


Join Geezgo for free. Use Geezgo’s end-to-end encrypted Chat with your Closenets (friends, relatives, colleague etc) in personalized ways.>>
Did you enjoy this post? Please comment below:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Zcash
Scan to Donate Bitcoin to bc1qcc3xajxvdqjnx2f7j7sfcfun7jagr0nh94fa2e

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0x704671D7591d05Dd0790E86Aee964558E9347b07

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Litecoin to ltc1q7tj9ydra9ylkelu42vypp6cu2v0msf5lc2p5mq

Donate Litecoin to this address

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Zcash to t1LiPaQ7gsSL23FbjXswpSoguP6yAE1xj5B

Donate Zcash to this address

Scan the QR code or copy the address below into your wallet to send some Zcash


You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *