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The volatile trend in the cryptocurrency markets continues, and investors did not see a major rally in the first week of October. The positive start of October was at risk due to the strong US data, especially in terms of employment. Moreover, the futures Ether ETF volumes at the beginning of the week were a big disappointment. So, what is the expectation for LINK Coin?
Chainlink (LINK) Analysis
Since April, LINK Coin has experienced significant fluctuations in its price. This period also represents a time when the two largest cryptocurrency market makers reduced their activity in exchanges. The price of LINK Coin fell below the declining trend resistance line during this period.
The critical trend line was last rejected on September 30. Despite the strengthened sensitivity after a successful test with Swift, it did not provide enough support to overcome the resistance and trigger price increase. Additionally, the volatility in the overall market sentiment was challenging for LINK Coin.
The first rejection on July 20 resulted in a 33% drop. However, the second rejection, along with the recovery in BTC price, led to a slight pullback.
LINK Coin Analysis
So, what is the expectation for LINK Coin in the future? The price, which dropped to $7.2, formed a long lower wick. This indicates that bulls quickly absorbed the last sales. The RSI, which rose to the overbought zone on September 30, declined when a 8% loss occurred in the price. The downward movement was confirmed only after the RSI dropped below 50. Therefore, we cannot say that the current decline has completely ended.
If the RSI drops below the 50 zone again, a strong double-digit selling wave may begin. However, the current situation suggests that we may not see a repetition of the previous two movements connected to RSI, as BTC remains strong for now.
If there is a repetition of the previous two movements and the RSI loses the neutral zone, the decline may continue to $6.23. However, if the RSI makes a rebound and goes to the overbought zone, we may see a new peak in the $8-10 range.
At the time of writing this article, Bitcoin was struggling to reclaim the $27,500 level. The price seems to have made its daily low at $27,175.
