Chainlink price shows reasons to believe in a sweep of the summer lows. Key levels have been defined to gauge LINK’s next potential move.
Chainlink price to looks dicey
Chainlink price is showing evidence that the current downtrend will continue. Since November 8th, LINK, the innovative oracle-based cryptocurrency, has lost 33% of its market value. As the third trading week of November ensues, there are subtle cues within the technicals suggesting that the move south is far from over.
Chainlink price currently trades at $7.24. The bears have produced a steeper angled slope in within the current decline than previous selloffs throughout the summer. Accompanying the bearish trend is an uptick in volume. The 8-day exponential moving average produced a bearish cross over the weekend as it penetrated through the 21-day simple moving average. If the technicals are correct, the bears could be setting up for a monstrous decline toward the $4 price zone.
Invalidation of the bearish thesis could occur if the bulls successfully breach the $8.25 liquidity zone. If the bulls breach the level, an uptrend rally could ensue, targeting November highs near $9.50. Chainlink price would rise by 50% if the invalidation scenario plays out.