- Chainlink price drops over 25 percent over the last one week
- LINK/USD trading in a bear market
- Next support lies at $8.02
- Daily active LINK addresses plummeting
ChainLink daily chart
Chainlink price action began the day trading near $7.5239, reaching a high of $8.46, its current price level. The opening market price near $7.5239 is still its lowest price today as of writing. Today’s prevailing market price is a reversal of yesterday’s bear market, where LINK’s price dropped from a high of $8.8 following a rejection near the $9.0 support.
LINK/USD 4-hour chart
On September 18, the LINK/USD pair cleared a crucial support zone near the $10.30 price level, which protected the market from further decline early into the month. After breaching the support, the increased selling pressure sparked a bearish trajectory until yesterday when the governance token found support near $8.7.
Moreover, the bears managed to push the chainlink price even further down to reach and breach the support near $8.02. Bulls the price to close the day at a new monthly low near $7.523.
Currently, the LINK/USD pair is consolidating losses above the $8.7 support price level. If the bears manage to push the LINK price below this support, the bearish trajectory is set to continue moving its price towards $6.
LINK price prediction
If the LINK/USD price clears the support near $8.7, the subsequent anchor zone lies near $8.06. The next support is near $7.7 and then $6.6 and finally $6.00.
On the contrary, if the bulls manage to push the price above $8.7, the initial rejection will be felt at $9.00. The resistance zones above this zone are located near $10, $10.50, $11.94. The relative strength index has ultimately reached oversold limits and has moderately jumped.
LINK/USD 3-month bull run finally comes to an end
In the LINK/USD pair 3-month chart, we can see that the chainlink price has been on a robust bullish trajectory that the bears finally broke yesterday. Things do not look really good for chainlink.
Daily chainLink active addresses
Based on the historical data represented on the chart, the number of daily active chainlink addresses appear to spike when a strong bull run is about to happen. For example, from the above chart, back in early August, the number LINK addresses skipped from below 8k to reach more than 22k and remained like that for the next week. Less than a week later, the LINK/USD price jumped from $10 to $18.
Currently, according to data from the blockchain analytics firm, Santiment, the number of addresses appears to be diminishing since early September. It looks like the bulls are out of town enjoying their profits on a vacation somewhere. Cheeky! Similarly, chainlink’s price is undergoing a bear trajectory and may keep dropping until it reaches the next anchor price at $8.0.
“LINK is like NKLA”
Now that LINK/USD is trading in a bear market, Zeus Capital is warning investors to go short on chainlink. They recently tweeted a post cautioning investors that LINK price might be on the verge of dropping towards $4.
Furthermore, the firm also cross-checked Chainlink against the collapsing Nikola Electric Vehicle. See tweet below:Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.