- Chainlink has been closely monitoring the aggregated cryptocurrency market for the past few days and weeks
- This has caused it to experience a remarkable consolidation as well as a small downside in the past 24 hours
- The main source of selling pressure on LINK’s price is its weakness in the aggregate market
- ETH and BTC both struggle to hold their multi-week uptrend, putting investors on the run from higher risk assets such as altcoins
- This has put some pressure on LINK’s technical outlook, especially against its Bitcoin trading pair
- One analyst notes that there is a good chance it will see significantly more downward sides in the coming days and weeks
Chainlink follows it whole market, seeing some technical weakness as bulls fail to hold it above multiple key support levels.
The crypto market has seen some weakness recently, as Bitcoin continues to struggle to break above its crucial resistance level of USD 19,400, which is widely seen as the last major resistance before USD 20,000.
The recent break below $ 19,000 has added to this weakness and caused altcoins like Chainlink and Ethereum to all go down.
One trader now expects Chainlink to depreciate in value against Bitcoin in the near term, which could mean serious losses whether or not BTC breaks out or breaks.
Chainlink struggles to gain momentum as pressure sales soar
At the time of writing, Chainlink is trading just over 4% at the current price of $ 12.51.
This is about where it was seriously found buy-side support over the past few days, which can eventually become a strong foundation on which to grow if it stays strong.
Trader claims LINK is likely to lose value against Bitcoin
There is a common idea that altcoins risk stems from their ability to lose value both while Bitcoin is active and while it is declining.
As such, there is a possibility that Chainlink will lose value against BTC no matter where the benchmark crypto trends are next – a possibility suggested by an analyst in a recent tweet.
“LINK: Good luck with the btc pair. Lots of alts across the board with better round structures.”
Image Courtesy of Chainlink. Source: LINKUSD on TradingView.
The next few days should shed light on this possibility and how Bitcoin’s next big move will affect altcoins Chain link.
Featured image from Unsplash. Charts from TradingView.