It looks like Chainlink may face serious losses soon.
The cryptocurrency is fast approaching the end of its parabolic rise, which pushes the price of LINK up from 2019.
One analyst noted that he expects the currency to see a significant decline in the short term before entering the accumulation range. He believes that this phase will be followed by a rise.
Data from the chain indicates some strength, but Chainlink’s balance sheets in exchanges have been on a downward trend lately. This is a sign that investors are taking a long-term approach to their positions in LINK.
Chainlink followed an upward parabolic trend line for over 900 days, and any response to touching or approaching that line was significant.
A parser believes that convergence of the trend line will push kriptovalutata upwards – especially against Bitcoin .
However, other traders offer a slightly different perspective, noting that perhaps a touch of the line would push LINK up a bit, but overall there isn’t much room for profit at this point.
A trader nicknamed ‘Pentoshi’ recently said that it is possible that the BTC price of Chainlink will fall from 0.000433 to 0.000245 in the coming months.
“LINK: A 915-day parable is potentially coming to an end… All market cycles end before new beginnings. Re-accumulation down before the next rally in my opinion. ”
A drop to this level would erase all currency gains for 2020.
Other data suggest that bears may find it difficult to make a sharp decline. Chainlink’s trade balance reached its lowest level in a year, according to Glassnode .
“The LINK exchange balance (1-day average) reached a 1-year low of 73,040,792,488 LINK. The previous 1-year low of 73,056,325.453 LINK was observed on 13 June 2020. “