Chainlink Will Suffer Deep Decline Says Analyst

Chainlink saw its price double since December. Nevertheless, LINK is preparing for a steep correction, according to one prominent chartist. Different indicators support the prediction.

Chainlink Presents Multiple Bearish Signals

TraderX0X0, a technical analyst in the cryptocurrency community, recently said that Chainlink is about to “go scuba diving.” The trader maintains that the $4.6 level represented a “huge” area of support, but now that LINK has broken below it, there could be a significant retracement.

Although Chainlink pulled back over 12% after peaking at nearly $5 on Mar. 4, TraderX0X0 pointed out that market participants are in the “denial” stage. This stage of the psychological market cycle leads the analyst to believe that this cryptocurrency is aiming for lower lows.

A spike in the selling pressure behind LINK could trigger a sell-off among investors pushing its price down to $4 or lower, said the analyst.

LINK/USD on TradingViewBased on IntoTheBlock’s In-Out…