{"id":5844,"date":"2020-12-08T23:00:15","date_gmt":"2020-12-08T23:00:15","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=451831"},"modified":"2020-12-08T23:00:15","modified_gmt":"2020-12-08T23:00:15","slug":"chainlink-shows-signs-of-weakness-against-btc-as-price-slides-lower","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/chainlink-shows-signs-of-weakness-against-btc-as-price-slides-lower\/","title":{"rendered":"Chainlink Shows Signs of Weakness Against BTC as Price Slides Lower"},"content":{"rendered":"<ul>\n<li>Chainlink has been closely tracking the aggregated cryptocurrency market throughout the past few days and weeks<\/li>\n<li>This has caused it to see some notable consolidation, as well as some slight downside throughout the past 24-hours<\/li>\n<li>The main source of selling pressure on LINK&rsquo;s price has been the weakness seen across the aggregated market<\/li>\n<li>ETH and BTC have both been struggling to maintain their multi-week uptrends, which is leading investors to flee higher-risk assets like altcoins<\/li>\n<li>This has put some pressure on LINK&rsquo;s technical outlook, especially against its Bitcoin trading pair<\/li>\n<li>One analyst is noting that there&rsquo;s a strong possibility that it sees significantly further downside in the days and weeks ahead<\/li>\n<\/ul>\n<p>Chainlink has been closely tracking the <a href=\"https:\/\/www.newsbtc.com\/news\/xrp-may-be-primed-for-a-massive-breakout-after-reclaiming-crucial-levels\/\">entire market<\/a>, which has caused it to see some technical weakness as bulls fail to hold it above multiple key support levels.<\/p>\n<p>The crypto market, in general, has seen some weakness as of late, which comes as Bitcoin continues struggling to break above its crucial $19,400 resistance level that is widely seen as the last key resistance before $20,000.<\/p>\n<p>Its recent break below $19,000 has compounded this weakness and caused altcoins like Chainlink and Ethereum to all turn lower.<\/p>\n<p>One trader is now expecting Chainlink to decline in value against Bitcoin in the near-term, which could mean that serious losses are imminent regardless of whether or not BTC breaks out or breaks down.<\/p>\n<h2><strong>Chainlink Struggles to Gain Momentum as Selling Pressure Mounts<\/strong><\/h2>\n<p>At the time of writing, Chainlink is trading down just over 4% at its current price of $12.51.<\/p>\n<p>This is around where it has been finding serious <a href=\"https:\/\/www.newsbtc.com\/news\/defi\/economist-defi-altcoins-have-bottomed-as-bitcoin-reverses-downtrend\/\">buy-side support<\/a> throughout the past few days, which may ultimately become a strong base for it to grow upon if it continues holding strong.<\/p>\n<h2><strong>Trader Claims LINK is Likely to Lose Value Against Bitcoin<\/strong><\/h2>\n<p>There is a common notion that altcoins risk comes from their ability to lose value both while Bitcoin is running and while it is plunging.<\/p>\n<p>As such, there&rsquo;s a possibility that Chainlink will lose value against BTC regardless of where the benchmark crypto trends next &ndash; a possibility mused by an analyst in <a href=\"https:\/\/twitter.com\/Trader_XO\/status\/1336035312355725314\">a recent tweet<\/a>.<\/p>\n<blockquote>\n<p>&ldquo;LINK: Good luck with the btc pair. Many alts across the board with better rounded structures.&rdquo;<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" loading=\"lazy\" width=\"860\" height=\"434\" class=\"aligncenter size-large wp-image-451832\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EoqNCMjXEAUuIKk-860x434.jpg\" alt=\"Chainlink\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EoqNCMjXEAUuIKk-860x434.jpg 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EoqNCMjXEAUuIKk-460x232.jpg 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EoqNCMjXEAUuIKk-768x387.jpg 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EoqNCMjXEAUuIKk-750x378.jpg 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EoqNCMjXEAUuIKk-1140x575.jpg 1140w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EoqNCMjXEAUuIKk.jpg 1200w\" sizes=\"(max-width: 860px) 100vw, 860px\"\/><\/p>\n<pre>Image Courtesy of Chainlink. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/LINKUSD\/\">LINKUSD on TradingView<\/a>.<\/pre>\n<p>The coming few days should shine a light on this possibility and how Bitcoin&rsquo;s next big movement will influence altcoins like <a href=\"https:\/\/www.newsbtc.com\/analysis\/link\/chainlink-could-soon-rocket-towards-16-50-as-bulls-stay-in-control\/\">Chainlink<\/a>.<\/p>\n<pre>Featured image from Unsplash.\nCharts from <a href=\"https:\/\/www.tradingview.com\/symbols\/LINKUSD\/\">TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink has been closely tracking the aggregated cryptocurrency market throughout the past few days and weeks This has caused it to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[317,210,211,212],"class_list":["post-5844","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\/5844"}],"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=5844"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5845"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}