Chainlink Forms Sell Signal, Analyst Predicts Pullback To This Level
2023年11月13日 - 11:00PM
NEWSBTC
An analyst has pointed out how Chainlink is forming a TD Sequential
sell signal right now, which could lead to a retracement to this
level. Chainlink Could Decline To $12.50 Following The Sell Signal
As explained by analyst Ali in a new post on X, LINK could be
heading toward a correction based on what the TD Sequential signal
says. The “Tom Demark (TD) Sequential” is a popular indicator in
technical analysis that is used to pinpoint reversals in the price
of any asset (which, in the current discussion, is naturally
Chainlink). The metric gives a signal whenever the asset has seen
nine candles following a reversal in its price. The signal is a
sell one if the candles are green, while it’s a buy one if the
candles are red. Related Reading: Is A Bearish Reversal Coming For
Bitcoin? This Metric May Warn So This phase is called the “setup
phase.” Once the setup is done, a 13-candle long countdown phase
kicks off. At the end of these 13 candles, the price could be
believed to have hit another probable bottom or top (depending on
whether the phase started with a sell or buy signal). Chainlink has
recently been enjoying some very rapid growth, which has led to the
asset’s price hitting heights not seen since April of last year.
This run, however, may be going toward at least a temporary
setback, as according to Ali, a TD Sequential setup phase seems to
have finished for the cryptocurrency recently. The signal has in
fact appeared on not just one, but three of the coin’s price
charts: daily, 3-day, and weekly. Here are the charts as shared by
the analyst: LINK appears to have completed a TD-9 setup | Source:
@ali_charts on X As displayed in the above graph, the Chainlink TD
Sequential setup phase has finished with green candles on all of
these LINK charts, implying a reversal towards the bearish side may
be imminent for the cryptocurrency. Ali anticipates that the
retracement would be towards the $12.50 level, which would mean a
drawdown of more than 18% from the current price level of the
asset. “Failing to hold above this critical support area could
extend the losses to $10.50,” the analyst further adds. Such a
decline all the way to $10.50 would suggest a decrease of over 31%
for Chainlink, but even if such a steep drop happens, LINK still
wouldn’t have fully undone the recovery it has made since the last
third of October, showing just how sharp the asset’s bullish
momentum has been recently. Related Reading: Ethereum At $2,100:
Why Path To $2,500 Is Now All Clear It now remains to be seen what
trajectory the asset takes from here considering this bearish
signal. So far, chances are not looking in the favor of the coin,
as it has seen two red candles already since the pattern has
formed, implying that the countdown phase might have begun. LINK
Price Chainlink had risen above the $16.5 mark during the weekend,
but the coin has taken a hit in the past day as it’s now close to
the $15 level. LINK has more than doubled during the past month |
Source: LINKUSD on TradingView Featured image from
Shutterstock.com, charts from TradingView.com
ChainLink Token (COIN:LINKUSD)
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