AnalysisCryptocurrency news

Is Chainlink (LINK) On the Verge of a New Downgrade?

Is Chainlink (LINK) On the Verge of a New Downgrade?

Chainlink’s price action suggests that a major correction may be seen again and a retracement move is underway.Chainlink managed to retrace the $ 10 level as support last week. Now he seems to be facing a great resistance that could prevent him from moving forward.Rejecting current price levels could cause the cryptocurrency to drop to $ 7.

link usd
link usd

Chainlink started the month of October with a bang, with prices rising more than 6.5% at the new monthly candlestick opening. Some technical and in-chain measurements show that LINK is about to undergo a major correction.

Chainlink Prepares for Another Fall

Chainlink has entered a period of significant decline after hitting all-time highs in mid-August, when its price dropped a massive 64%.

Despite the huge losses that have occurred, the decentralized oracles token does not appear to be out of danger yet.

LINK is currently facing a stiff set of resistance that could have the power to reject any further upward price action. This critical hurdle is supported by the upper limit of the descending parallel channel and the 100-day moving average when prices are falling.

Rejecting this level may cause a steep correction towards the lower boundary of the channel.

Looking at IntoTheBlock’s IOMAP model, it is possible to say such a decrease. Based on this on-chain metric, about 3,000 addresses had previously purchased about 30 million LINK for between $ 10.6 and $ 10.9 . Therefore, it is seen as an important metric for investors.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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