THERE’S A MASS OF ANALYSTS THAT THINK CHAINLINK (LINK) WILL DROP AFTER FALLING 25%

• Chainlink has suffered a strong retracement since the $20 highs it saw last week.
• The altcoin is now trading for $16, 20% below the local highs, after it suffered a flash crash.
• There are few traders willing to take short positions on the cryptocurrency due to its explosive volatility.
• There are many analysts, though, willing to say that Chainlink is likely to suffer a greater retracement in the days ahead.
• At the $20 highs it just traded at, LINK was trading around 1,000% higher than its March capitulation lows.

CHAINLINK IS READYING FOR A BIGGER CORRECTION: ANALYSTS

A number of analysts are preparing for an even larger dip in the price of Chainlink, even after a 20% correction.

One cryptocurrency trader shared the chart below on August 20th. It shows that LINK’s recent price action has formed the first lower low and potential lower high in this uptrend. This means that the bullish market structure that Chainlink had has been broken, which opens the floor to a retracement:

• Chainlink has suffered a strong retracement since the $20 highs it saw last week.
• The altcoin is now trading for $16, 20% below the local highs, after it suffered a flash crash.
• There are few traders willing to take short positions on the cryptocurrency due to its explosive volatility.
• There are many analysts, though, willing to say that Chainlink is likely to suffer a greater retracement in the days ahead.
• At the $20 highs it just traded at, LINK was trading around 1,000% higher than its March capitulation lows.

CHAINLINK IS READYING FOR A BIGGER CORRECTION: ANALYSTS

A number of analysts are preparing for an even larger dip in the price of Chainlink, even after a 20% correction.

One cryptocurrency trader shared the chart below on August 20th. It shows that LINK’s recent price action has formed the first lower low and potential lower high in this uptrend. This means that the bullish market structure that Chainlink had has been broken, which opens the floor to a retracement:

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