ChainLink faces a sharp pullback if Bitcoin cannot hold support at $13,000. Should the major cryptocurrency breach that level, analysts expect LINK/USD to dip below $10. Traders are defending LINK at
ChainLink faces a sharp pullback if Bitcoin cannot hold support at $13,000. Should the major cryptocurrency breach that level, analysts expect LINK/USD to dip below $10.
Traders are defending LINK at around $11, down 6.6% in the past 24 hours. The token dropped from $12.05 to a low of $10.86 in the past hour before bouncing to $11.05. All the gains ChainLink posted since August's $19.81 peak hang in the balance.
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The hourly chart presents a complicated picture. Three consecutive red daily candles dominate the technical setup. The MACD shows bearish pressure weakening, but bulls still face resistance at $12. To regain momentum, buyers need to push above the 50-SMA on the hourly frame at $11.45. Within the descending wedge pattern, the 100-hourly SMA near $11.70 represents a major obstacle.
On the daily, the bears control the tape. Should sellers push through the 50-day SMA at $10.56, LINK could fall toward $9.80 and eventually $8.40. Bitcoin's movement will determine LINK's trajectory. The bellwether is flirting with $13,000 as the broader crypto market sells off.
Kevin Svenson sees a different angle. The analyst noted that ChainLink's month-long trend tracked Bitcoin as it climbed toward its 2020 high near $14,000. "If Bitcoin can remain stable and/or bullish we could develop another parabolic trend going into 2021," he wrote on Twitter.
That scenario would send LINK to $20 if Bitcoin holds above $13,000 and rallies to its all-time high of $20,000. The alternative exists too. A turn south could bring ChainLink back to September's lows near $7.30.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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