Chainlink News Today – Headlines for March 8

cryptocurrency
  • Analyst says Chainlink will suffer a deep drop
  • Chainlink is displaying multiple bearish signs
  • Chainlink to suffer several Candlestick correction

Chainlink News today – one analyst has predicted that Chainlink will suffer a deep price drop. The digital asset’s price has already doubled in the last four months. The prominent analyst pointed out that several trading factors signal that LINK/USD is set to undergo a retracement.

Chainlink Presents Multiple Bearish Signals

One trader called TRADEX0X0, recently declared that Chainlink is set to drop. Although, the trader maintains that the $4.6 area represents a “huge” point of support for LINK. However, now that the price of LINK has broken under it, we can expect to see a significant retracement. Chainlink pulled back by 12% after it peaked at $5 on March 4. The trader also cited that the market’s participants are in denial of this outcome. The cryptocurrency is approaching lower lows in the coming weeks.

An increase in LINK’s selling pressure could activate a sell-off among investors. This, in turn, could push the coin’s price to $4 or less. The IOMAP indicates that the $4 area which is a support level could prevent LINK/USD from any further corrections. 2,600 addresses are holding 17 million LINK in this area collectively. The TD sequential indicator for LINK/USD estimates that this support point will likely hold.

The technical index presents a sell sign on the weekly and daily charts for LINK. The bearish pattern developed via a green nine candlestick. However, the coin has transitioned to a red one candlestick via the daily chart because of the downward pressure.

Chainlink to Suffer Several Candlestick Corrections Before its Bullish Pattern Can Continue

The TD sequential pattern projects that the price of Chainlink could suffer several candlestick corrections before it can continue its bullish action. From a macro-perspective via the weekly chart, the LINK price could plummet for four weeks at most. Hence, a bearish impulse that makes the 2,600 addresses sell 17 million tokens can result in a catastrophe. If this happens, Chainlink could look for support at the 50% or 61.8% Fib retracement area.

While the future of LINK isn’t bright from a technical perspective, the team behind the project has made significant strides to push the usage of this crypto. Their efforts mean the bullish outlook for the protocol cannot be overlooked. If LINK can close above its high of $5, $6 and $7 are the next resistances to watch out for. It is only a matter of time before the digital asset moves below this support or ahead of this resistance to confirm where it’s heading to.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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