Chainlink’s Outlook Looks Grim As It Approaches Critical Support Level
Chainlink’s price has been seeing huge inflows of selling pressure over the last few weeks, with buyers unable to gain any control of its mid-term trend in the time following its rejection at 20.00 USD.
The cryptocurrency has now firmly fallen beneath its previous support level at 10.00 USD and has all the earmarks of being in a shaky position as experts watch for an additional downward trend in the short-term.
While talking about the cryptocurrency’s present outlook, one expert said that he is currently targeting a fall towards 7.90 USD, which seems, by all accounts, to be a vital support level for the token.
He believes that there is a likelihood that Chainlink could start to surge now, with the support here possibly being sufficient to send it soaring back up towards its previous highs.
One trader is said, however, that a lost key parabolic support level against its Bitcoin trading pair might soon come in to play, with this likely to cause it to see some major macro downward trend.
Chainlink Dives Lower As Sellers Keep Control.
At the time of publishing, Chainlink is trading down 10% at its present price of 8.86 USD, which is a sizeable fall from the daily highs of 10.60 USD that was set during a brief surge witnessed yesterday.
After holding over 10.00 USD for an extended timeframe, the cryptocurrency inevitably confronted a huge deluge of selling pressure that forced its price to reel to fresh multi-month lows.
The last time Chainlink was trading this low was at the start of August, not long before it saw a parabolic upswing that saw its price rallying up to highs above 20.00 USD.
This was a long-term high for the cryptocurrency, as it has since slid lower and is showing little indication of finding any long-term support.
One expert did say that a dip around the 7.90 USD mark might be enough to help send it back up towards its record highs.
While pointing to the chart below he said that “Just one more little push, grant me these marines.”
Chainlink Could lose Its Uptrend if Bulls Fail to Defend One Vital Level.
While talking about the cryptocurrency’s short-term outlook, another expert said that it is currently in danger of breaking a parabolic trendline formed against its Bitcoin trading pair.
He said while pointing to the chart below that “lose current support and it looks grim. Either way, LINK looks to provide some proper volatility and thus opportunity.”
If Chainlink falls beneath this level in the short-term, it might cause some headwinds that hinder its growth against its USD pair as well.
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