Chainlink has been underperforming Bitcoin and the aggregated crypto market as of late, with its price action largely reflecting the rest of the rest of the Altcoin
“href =” https://www.newsbtc.com/dictionary/altcoin/ “data-wpel-link =” insider “> altcoin market.
While Bitcoin is catching investors’ attention with its massive uptrend, major altcoins like Ethereum and LINK have been underperforming, facing inflows of sales pressure as traders go after the BTC rise.
During the parabolic Bitcoin bull markets, it is quite common for BTC tokens to occur mostly on their own, with altcoins rallying once it finds some stability.
This could mean that the next market-wide move will occur among Bitcoin’s smaller peers, like Chainlink.
One trader is now watching for a break in excess of $ 14.50 before his bullish flip on LINK, noting that this is where his daily confluence currently exists.
It states that, until this level has been firmly cut above, it is too early to say with any certainty whether or not it will be able to see any significant short-term momentum.
The medium-term trends are likely to depend on Ethereum, as it has become the benchmark for the whole Altcoin
“href =” https://www.newsbtc.com/dictionary/altcoin/ “data-wpel-link =” insider “> altcoin market. Until it can break above its local highs in the top $ 600 region, there is a strong possibility that consolidation is imminent.
Chainlink’s Attempts to Gain Momentum Like Altcoin
Altcoin is defined as any cryptocurrency except Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.
“href =” https://www.newsbtc.com/dictionary/altcoin/ “data-wpel-link =” insider “> Altcoin Uptrend Stalls
At the time of writing, Chainlink was trading on the side for its current price of $ 13.44. This is roughly the price it has been trading for the past few days.
Although up significantly from its recent sub- $ 11.00 lows set earlier this week.
It is still underperforming Bitcoin lots, and faced a strong setback within the mid $ 14.00 region yesterday. Where it tends in the medium term it may depend, to a greater or lesser extent, on its continuing response to this key level.
LINK Claim Analyst Requires Breaking Above $ 14.50
Sharing his thoughts on where Chainlink might tend in the medium term, one analyst said he explained that $ 14.50 is a key level it needs to cut to see further upside.
It states that it will get some long exposure to the cryptocurrency if this level is breached in the near term.
“If LINK can regain some ground between the weekly and daily confluence level around 14.5 I will definitely try to get some long exposure.”
Image Courtesy of Cantering Clark. Source: LINKUSD on TradingView.
Whether Chainlink can break above this key level is likely to depend primarily on Bitcoin, as continued parabolic ascent can create some headaches for altcoins.
Featured image from Unsplash. Charts from TradingView.