{"id":5970,"date":"2020-12-11T23:00:40","date_gmt":"2020-12-11T23:00:40","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=452082"},"modified":"2020-12-11T23:00:40","modified_gmt":"2020-12-11T23:00:40","slug":"chainlink-posts-first-death-cross-seen-since-2018-against-bitcoin-pair","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/chainlink-posts-first-death-cross-seen-since-2018-against-bitcoin-pair\/","title":{"rendered":"Chainlink Posts \u201cFirst Death Cross\u201d Seen Since 2018 Against Bitcoin Pair"},"content":{"rendered":"

Chainlink has seen some mixed price action as of late, with bulls unable to gain a decisive edge over bears as the entire market turns lower.<\/p>\n

LINK isn’t the only cryptocurrency<\/a> that has been struggling to gain any bull-favoring momentum, as most other cryptocurrencies have also seen some intense selling pressure that has slowed their growth and erased some of their recent gains.<\/p>\n

For instance, Bitcoin is currently stuck below $18,000 as sellers try to revert its trend into their favor. They have yet to do this successfully, and it could still decline quite a way before it loses its macro bullishness.<\/p>\n

However, altcoins have been struck particularly hard by the recent market-wide decline, with Chainlink now moving to the lower boundary of a pitchfork channel that has been formed and respected throughout the past year.<\/p>\n

One trader is also noting that the cryptocurrency appears to be forming what could be the first “death cross” seen since 2018, which spells some serious trouble for its short-term outlook.<\/p>\n

Just as LINK rose significantly in the years following 2018, this doesn’t mean that its macro-outlook will be changed by this technical development.<\/p>\n

Chainlink Tracks Bitcoin – Moves Lower as Buyers Lose $12.00 Support<\/strong><\/h2>\n

At the time of writing, Chainlink is trading down<\/a> just under 2% at its current price of $11.68. This is around the price at which it has been trading throughout the past few days.<\/p>\n

Bitcoin has been causing the entire market to face some intense weakness over the past few days and weeks, with its recent break below $19,000, causing it to see intense inflows of selling pressure that ultimately led it as low as $17,600.<\/p>\n

Similarly, LINK has also shed some of its value, down from multi-week highs of nearly $16.00, set a few days ago.<\/p>\n

LINK Posts First Death Cross in Years as Selling Pressure Mounts<\/strong><\/h2>\n

One trader explained<\/a> in a recent tweet that Chainlink is now posting its first “death cross” seen in years.<\/p>\n

This grim technical sign<\/a> also comes as the cryptocurrency nears the lower-boundary of a long-held channel that it has been caught within throughout the past year.<\/p>\n

\n

“First death cross on LINK \/ BTC since 2018,” he noted while pointing to the below chart.<\/p>\n<\/blockquote>\n

\"Chainlink<\/p>\n

Image Courtesy of Josh Olszewicz. Source: LINKUSD on TradingView<\/a>.<\/pre>\n
Because Chainlink is closely tracking Bitcoin and the rest of the crypto market, where it trends in the mid-term should depend largely on the benchmark cryptocurrency’s price action.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Chainlink has seen some mixed price action as of late, with bulls unable to gain a decisive edge over bears as…<\/p>\n","protected":false},"author":1,"featured_media":5971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[317,210,211,212],"class_list":["post-5970","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\/5970"}],"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=5970"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5971"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}