The market leader of blockchain-based oracle services, Chainlink, experienced double-digit growth in September. Will this trend continue? The uncertainty in Bitcoin price persists, and investors are hesitant to take more risks before the upcoming inflation data, which is why the $28,300 level cannot be surpassed. So, what do the current data indicate for LINK Coin?
At the time of writing, the price of LINK Coin is $7.64. In a recent market evaluation, we highlighted the significance of the $8.1 level for LINK Coin. Amidst the volatility in BTC price, the price failed to turn the resistance zone into support and has now retreated to the support level of $7.6.
The price, which experienced double-digit growth in September, started October with a decline of nearly 11%. This trend is noticeable in a significant portion of altcoins. The repeated testing of the $27,200 support by the king cryptocurrency has triggered exits in altcoins due to concerns of deeper dips by investors.
After surpassing $28,000 today, BTC dropped to the $27,800 levels as it failed to close above $28,143. Investors who believe that BTC will experience increased volatility are choosing to wait for a significant movement.
CMF and RSI data indicate that LINK Coin investors continue to sell. Due to capital outflow, the price may struggle to hold the $7.6 support. Those expecting a rise in open positions in futures are currently dominant, and this price appears positive for the short-term future.
If the support level is lost, LINK Coin bulls will need to fight for $7. In the scenario of a rapid series of losses in BTC price, we may see a decline that could reach between $5.8 and $5.5.
In the opposite scenario, bulls may gather strength and aim to sustain closures above $8.1. This would trigger a reversal rally after a prolonged period of selling. In the weekly chart, a strong recovery to the $10, $12, and $15.24 regions can be seen if $9.4 is surpassed.
For the bull scenario to materialize, we will likely need to see BTC surpass $32,000. This would also indicate a bullish outlook for BTC price.