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BTC price continues closing above $60,000, and altcoin investors’ confidence is increasing. If the weekly close also remains at current levels, hopes for a rebound may rise. Indeed, in September, both interest rate cuts and the historical end of long-lasting dull movements could lead to price increases. So, what about the short term?
Chainlink (LINK)
In the short term, the likelihood of a decline for LINK Coin is becoming apparent. Data from CryptoQuant shows a potential for a drop despite a 10% price increase. This is because LINK Coin reserves on exchanges have reached their highest level since August 4. This indicates that there is more supply ready for sale as the amount of LINK Coin held on all exchanges has increased.
Long-term investors move their assets to cold wallets when they want to hold them. A decrease in exchange reserves signals a rise for BTC and altcoins. For example, BTC exchange reserves have dropped by more than 10% annually, reflecting the strength of this accumulation.
Social dominance data compiled by Santiment also indicates a potential peak for LINK Coin. Typically, social dominance peaks in the top region, signaling FOMO, which historically supports the potential for a price drop.
LINK Coin Price Prediction
The chart also shows a bearish signal for LINK Coin. A bearish flag is becoming apparent on the daily chart. This formation appears when three trend lines converge. The flagpole formed by the initial downtrend and the lines representing support and resistance during the consolidation phase complete the flag. Considering the bearish signals in the first section, a downward breakout may occur.
The target for the formation is below $10, potentially reaching a low of $9.95. If buying pressure strengthens and BTC continues to test $62,000, we may see a reversal. In this case, the price is likely to return to the resistance at $13.1.
BTC price was close to $60,500 at the time of writing, and altcoins have generally halted their gains. Powell will make important statements in the coming hours, and the Jackson Hole speech is expected to increase volatility.
