Chainlink cryptocurrency is under pressure
Chainlink (LINK) was both 2019 as well also 2020 by far one of the most bullish cryptocurrencies, as these are used during Crypto rally in mid-February to a high of almost $ 5, 00 rise.
The market-wide downward trend has been devastating, but it is important to point out that it has had a particular impact on LINK. A top analyst notes that the cryptocurrency is currently in a precarious situation that could lead to a significant surrender in the coming days and weeks.
Chainlink falls lower as the crypto market shows signs of weakness
Bitcoin has firmly led the cryptocurrency market in the past few days and weeks, making all altcoins vulnerable. Chainlink – which set new all-time highs last month – was hit particularly hard by this market-wide downturn and fell from a high of almost 5, 00 $ to lows below 1, 60 $.
At the time of writing, Chainlink is dealing with 2, 16 $, which is a massive drop from the daily highs of 2, 60 $, but means a remarkable recovery from recent lows.
Although Bitcoin currently 40% below its previous annual highs, LINK is almost 55% below its highs. Chainlink is now trading where it started the year as the recent sell-off erased the unprecedented gains made in January and February.
Crypto Michaël, a prominent crypto analyst on Twitter, said in a recent tweet that he believes Chainlink can detect some weakness against its bitcoin trading pair by hitting a downside target at around 27100 Sats sets, which is a decrease from the current level of 36300 Sats means.
$ LINK #CHAINLINK
Doesn't look great here.
Bounced on support, but first resistance at 37500 couldn't break.
Losing 34000 and I'll target 31200 and 27100 satoshis as next levels.
Breaking 37500 and we can rally to 42000 – 43000 satoshis. pic.twitter.com/I1Lr4rUbEd
– Crypto Michaël (@CryptoMichNL) March 21, 2020
If Bitcoin does not expand its current momentum, it is very likely that altcoins like Chainlink could still be below the benchmark crypto, which could lead to a further significant deterioration.
Proof of text: newsbtc
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