- Since setting highs in August, Chainlink has plummeted.
- As of this post’s writing, the coin currently trades at about $8.50, well below the all-time highs set at $20.
- After leading altcoins endured a heavy fall after Ethereum dropped through main supports, the correction comes from cryptocurrency.
- As the crypto reaches pivotal technological thresholds, Chainlink might be prone to an even more profound decrease.
- One trader noted that it will find some help around now if Connect bounces.
- This bearish assertion comes as some other analysts have said Chainlink is likely bottoming on a macro time frame.
CHAINLINK IS POISED TO DROP EVEN FURTHER IF THIS LEVEL IS LOST
One crypto trader thinks that after falling over 50 percent from its all-time peak, if Chainlink (LINK) falls any lower, a substantial drop could ensue. He recently posted the chart below, noting that the cryptocurrency is currently running up against a critical support level that marked a July rally high.
That level’s historical significance indicates that a strong correction would follow if Relation loses it as assistance.
â€œYikes. If thereâ€™s any short-term saving grace for Chainlink, itâ€™s here imo. A bounce towards $9.50-10 is reasonable.â€
Another market commentator reiterated this, adding that the cryptocurrency is coming up against a degree of “giga” support that should hold or else things could get “ugly” for the coin.
â€œChainlink at absolute Gigasupport. Link marines have an opportunity to save LINK from the giga nuking. Below $8.50 would probably get pretty ugly, as everyone from the last month and a half would be underwaterâ€¦â€