October 3 – Chainlink (LINK) failed to hold above $ 10 despite its V-shaped recovery. Cole Petersen’s analysis suggests that more negativity for LINK is at the door.
- Chainlink (LINK) failed to break the $ 10K threshold, despite a recent rise from the $ 7 zone.
- Having dropped 14.2% in the last 7 days, LINK is currently trading at $ 9.18.
- The accusations against the founders of the BitMEX exchange pulled the Bitcoin price down and the altcoins were negatively affected.
- With the general selling pressure on the market, the price of LINK dropped from $ 10.50 to around 9.20 with a decrease of approximately 4%.
- The LINK price reached $ 20 in August, but had a decline by not exceeding it. Chainlink has not performed well since then.
- The $ 20 selling pressure for LINK has also dealt a serious blow to the fundamentals of the altcoin.
- $ 10 has become a major resistance on the Chainlink charts and LINK bulls have not been able to take a permanent position here so far.
LINK Price Going Below $ 7?
- An analyst named TraderSZ, who has about 56 thousand followers on Twitter, commented that Chainlink will return to the beginning of August.
- The LINK price was hovering around $ 6.85 – $ 7 at the beginning of last August.
- The table shared by the analyst marked the regions to be seen in the LINK chart with the table he shared from his social media account.
- Although there is a recovery in the V pattern on the Chainlink charts, even in the near future, due to the resistances at $ 10 and $ 11, LINK may experience a larger drop and start trading below the $ 7 band.