Chainlink (LINK) Faces Potential Correction as Analyst Signals Sell on Multiple Timeframes
Crypto News – Cryptocurrency trader and analyst Ali, in a recent post, has issued a warning regarding the potential for Chainlink (LINK) to experience a corrective downturn. Ali pointed out that the TD Sequential indicator has signaled a sell on LINK’s daily, 3-day, and weekly charts.
Ali’s analysis suggests that LINK could see a short-term correction down to $12.50. If LINK fails to hold above this crucial support level, there’s a risk that its price could further decline to $10.50.
According to data from CoinMarketCap, LINK has already experienced a drop of more than 5% in the past 24 hours, with its current price standing at $15.29.
Despite this daily setback, LINK has performed strongly on the weekly timeframe, showing a gain of more than 22% over the past 7 days. Notably, its monthly performance has been even more impressive, with a substantial 113% increase.
From a technical perspective, LINK recently managed to surpass the $14.285 resistance level. However, there is now a potential risk of LINK falling below this critical level in the next 24-48 hours. If this bearish scenario unfolds, LINK could decline to $13.325 in the coming days.
In an extremely bearish scenario, LINK might drop even further to $11.785 in the short term. However, it’s worth noting that this bearish outlook could be invalidated if LINK manages to stay above $14.825 in the next 72 hours. In such a more bullish scenario, LINK could potentially rebound from the $14.825 level and resume an upward trajectory.