- ChainLink price dropping
- LINK whales accumulating more assets
- LINK/BTC pair negative momentum
It appears that the presumed ‘altseason’ the crypto traders were crying for back in July has recently lost momentum. The majority of altcoins in the market were hit hard when the price of Bitcoin declined sharply early in September, and most of them have not yet recovered from the shock. ChainLink price reached a new ATH back in August, outperforming the crypto market by far.
ChainLink is one of the altcoins that were badly affected by the sharp decline in the price of bitcoin. However, LINK is following BTC’s lead to register some type of recovery in its price action. Since hitting an all-time high of $20.11 on back on August 16, the bulls were unable to clear the heavy selling pressure which saw the altcoin decline sharply towards $9.1 price level.
LINK whales accumulating crypto asset despite pullback
According to data by blockchain analytics firm Santiment, the leading 100 non-exchange LINK whale addresses have further bolstered their holdings with over 18.3 million LINK tokens in three months (current market value: about $200 million). This on chain metric is substantial, as ChainLink depreciated by about 50 percent last month alone.
Daily ChainLink price chart
ChainLink price action has been fairly appalling in September. Since dropping from its ATH to $9, the cryptocurrency has struggled to make a comeback. Nevertheless, the bulls managed to push the price above the $10 price level, anchored by the downside 1.618 Fib Extension level. Following the move above this level, the LINK/USD pair has been hovering in between this support zone and $13.4 price level.
However, LINK has dropped to the bottom zone of this price range over the past five days trading at the lower borderline.
What to expect from LINK/USD?
If the selling pressure persists and LINK falls below the $10.40 price zone, the subsequent anchor zone is at $10. The following support zones lie at $9, $8 and $7.25 price levels. Further support can be reached at $6.62.
On the contrary, if the buyers can push the LINK price beyond this level, selling pressure will initially be realized near $11.62, followed by $12.60 and $13.34.
The relative strength indicator (RSI) is currently signalling a bearish momentum, that indicates the selling pressure is rising. LINK price has the possibility of even sinking further before it becomes oversold.
LINK/BTC trading pair: Bears pushing LINK below key support zone
Against Bitcoin, LINK is facing a familiar situation as against USD. The bears have managed to clear the 0.001 BTC support zone to reach its current price at 0.00094 BTC. In fact, the bears have managed to sink ChainLink by a massive 30 percent in September alone. Since reaching its ATH on August 16, LINK has sunk by 42 percent.