Chainlink is a project that has good pillars that could end up pushing it higher at any moment. However, with the current market landscape, a lot of earnings from altcoins have been migrating to Bitcoin. Therefore, it is certain that these days we will see low activity with alternative cryptos, as well as some recessions.
A sample of this is seen evaluating Chainlink, which despite having good associations behind it, is bearish at the moment. In the last 24 hours it registers a fall of 2.30% and a gain in the last 7 days of 10.23% according to CoinMarketCap.
Euphoria Over Bitcoin’s New ATH Holds Chainlink Back
One of the most prominent DeFi projects of 2021 has been Chainlink. This has shown its potential after the various associations it has had during the year; In September alone, it registered more than 84 integrations to its blockchain.
One of the most recent adoptions of LINK’s technology will be to develop a stablecoin that will be tied to the price of the Colombian peso; acronym $ DLY.
It also has the support of large investors, analysts and traders. Therefore, it is to be expected that at any moment it will take off to the upside; To give us an idea of the potential that LINK has, we highlight a recent quote from Altcoin Daily analyst Austin Arnold, who mentioned in an interview:
In my opinion, Chainlink still has a lot of room for growth. Think about it: Chainlink already has a ton of great exclusive partnerships with big companies, Google and Oracle to name two, over 75 different blockchains already using Chainlink technology.
Altcoin Daily Analyst Austin Arnold.
In short, as mentioned before, its fundamentals and pillars may trigger it to the upside, but for now everyone is focusing attention on Bitcoin for the new ATH that it registered this Tuesday with the debut of the futures ETF. For this reason, if you have positions in this altcoin we suggest taking into account our next projection.
Technical analysis for the next days
In the short term, in the 4-hour period, we see how the LINK / USDT pair changes its downward trend after trying to overcome the resistance that is located at $ 32. Still, there is significant support the bulls are defending at the moment.
Also, the indicators were at extreme levels, or at least the RSI that was located in overbought territory above 73 points; and at this moment he is already entering neutral spaces.
Chainlink analysis in 4 hours timeframe. Source: TradingView.
As can be seen, the ascending channel that was in formation is about to break, even so the 20-period EMA marks an important support at $ 29.45. In case the selling pressure is too strong the price of LINK will plummet to the second level.
The second support to watch would be at $ 28. There the bulls should defend the price to avoid falling to lower levels. In addition, they will have already taken profits and insurance will resume shopping.
The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.