Chainlink (LINK) has by far been one of the most bullish cryptocurrencies throughout both 2019 and 2020, with the crypto rallying to highs of nearly $5.00 in mid-February, which is around when the aggregated market lost its momentum and began to crater.
This market-wide downtrend has proven to be devastating for virtually all cryptocurrencies’ market structures, but it is important to note that it has been particularly impactful to LINK.
In the near-term, one top analyst is noting that the crypto is currently in a precarious position that could ultimately allow it to see a significant bout of capitulation in the days and weeks ahead.
Chainlink Grinds Lower as Crypto Market Shows Signs of Weakness
Bitcoin has been firmly guiding the cryptocurrency market over the past several days and weeks, which has made all altcoins prone to seeing significant downside.
Chainlink – which set fresh all-time highs last month – has been particularly impacted by this market-wide downturn, plummeting from highs of nearly $5.00 to lows of under $1.60 that were set at the bottom of its recent selloff.
At the time of writing, Chainlink is trading down just under 10% at its current price of $2.25,…
To read the entire article click here
Author: Cole Petersen