The altcoin, which experienced a drop of over 10% in the last four days, may not have a good weekend. With the decline in BTC price, investors’ appetite for the rest of the cryptocurrencies is weakening. This situation is not surprising as it is the result of months of ongoing negativity. We have seen worse in bear markets.
Chainlink (LINK)
BTC price started the new season strongly and saw a new all-time high before the halving. This was different from previous peaks and was triggered by ETF excitement. Although it was expected that the strong entries of investors familiar with traditional markets would continue after the launch, net entries have remained stable for a while.
LINK Coin and others are not in a very promising situation. Despite major partnerships and other good news, investors are more concerned about further declines. Short-term investor groups have become more prone to selling BTC and altcoins. The dominance of short-term investors in the LINK Coin front has decreased from 7.37% to 2.9% in just 4 weeks.
Although the decline in the short-term investor ratio generally indicates a rise, this may not be possible given BTC’s situation. Ichimoku Cloud analysis also supports the downward potential. The cloud is positioned above the candlesticks, which generally reflects a short-term bearish potential.
LINK Coin Price Prediction
The altcoin, which lost 11% in value in the last 4 days, is increasing its losses as this article is being prepared. BTC price falling below $58,000 in the coming hours could continue the journey to deeper lows. The accelerated sales with the opening of the US markets caused the BTC price to drop below $58,000 again from over $60,000.
As this article is being prepared, BTC continues the day with a 4% loss at $58,160. LINK Coin is below the key $12.35 resistance we mentioned many times and is not far from the $10.79 support.
Chainlink (LINK) could start a new decline journey to $9.35 if it falls to the $10.79 support and loses this threshold. A drop to the key support level will also erase the previous 30% gains.
However, closures above the $12.35 resistance could pave the way for new peaks beyond $13 and allow the $13.77 to be tested.
