{"id":5488,"date":"2020-11-19T23:00:43","date_gmt":"2020-11-19T23:00:43","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=450341"},"modified":"2020-11-19T23:00:43","modified_gmt":"2020-11-19T23:00:43","slug":"chainlink-must-shatter-one-key-resistance-level-or-face-a-plunge-to-7-50","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/chainlink-must-shatter-one-key-resistance-level-or-face-a-plunge-to-7-50\/","title":{"rendered":"Chainlink Must Shatter One Key Resistance Level or Face a Plunge to $7.50"},"content":{"rendered":"

Chainlink’s price action has been closely following Ethereum’s as of late, but it is beginning to break free of this correlation and gain some independent momentum.<\/p>\n

This comes as the wider crypto market continues its ascent, with altcoins surging as Bitcoin consolidates around $18,000.<\/p>\n

It does appear that there is an ongoing rotation of capital away from BTC and even Ethereum and towards smaller tokens that have a higher risk and higher upside potential.<\/p>\n

This has benefited Chainlink<\/a>, with the LINK token surging towards a crucial resistance level as analysts aim to see further near-term upside.<\/p>\n

Where it trends in the near-term will likely depend on whether or not it can break above $13.80 in the near-term and flip this into support.<\/p>\n

One trader is noting that a break above this level is required to flip bullish on the crypto, stating that a sustained bout of trading below this level will lead him to expect further downside.<\/p>\n

As for how far-reaching this potential decline could be, he claims that a move as low as $7.50 could be in the cards.<\/p>\n

Of course, for this to come about, it will require a downturn across the entire market. This may not be a real possibility, given how strong Bitcoin is at the present moment.<\/p>\n

Chainlink Shows Signs of Strength as Bulls Target Key Resistance<\/strong><\/h2>\n

At the time of writing, Chainlink is trading up just under 1% at its current price<\/a> of $13.70.<\/p>\n

This is around the price at which it has been trading throughout the past day or so, with the resistance at $13.80 proving to be somewhat significant.<\/p>\n

Breaking above this level and holding above it for an extended period of time is vital for LINK to see any significant momentum in the near-term.<\/p>\n

Analyst: LINK Could Risk Seeing a 50% Decline if Bulls Fail to Step Up<\/strong><\/h2>\n

One trader believes<\/a> that Chainlink could be at risk of seeing major downside if bulls are unable to break above $13.80.<\/p>\n

He is particularly watching for a move down towards $7.50 if the aggregated market turns lower.<\/p>\n

\n

“LINK: Still no breakout above this resistance zone. The S\/R flip I find required for further bullishness. Otherwise I’d be looking at $10 and $7.50.”<\/p>\n<\/blockquote>\n

\"Chainlink<\/p>\n

Image Courtesy of Michaël van de Poppe. Source: LINKUSD on TradingView<\/a>.<\/pre>\n
Unless Bitcoin or Ethereum plunge lower, there’s a low likelihood of Chainlink<\/a> and other major altcoins seeing any intense near-term selloff.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Chainlink’s price action has been closely following Ethereum’s as of late, but it is beginning to break free of this correlation…<\/p>\n","protected":false},"author":1,"featured_media":5489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[317,210,211,212],"class_list":["post-5488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-link","tag-linkbtc","tag-linkusd","tag-linkusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5488"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5488"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5489"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}