LINK Marines Lock and Load as Price Falls to Six Week Low

Chainlink’s native token LINK has been one of the hottest crypto assets this year but that has not helped it escape this week’s big selloff. Crypto asset markets have dumped $35 billion in terms of total capitalization since the weekend and the sell-off looks set to continue as Bitcoin and its brethren weaken. A number The post LINK Marines Lock and Load as Price Falls to Six Week Low appeared first on Coingape.

Sep 25, 2020 - 17:38

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LINK Marines Lock and Load as Price Falls to Six Week Low

Chainlink’s native token LINK has been one of the hottest crypto assets this year but that has not helped it escape this week’s big selloff.

Crypto asset markets have dumped $35 billion in terms of total capitalization since the weekend and the sell-off looks set to continue as Bitcoin and its brethren weaken.

A number of crypto assets are retreating from their all-time highs this year and investors are looking for entry points. Chainlink is among them as one of the year’s best performing crypto assets cools off quicker than some of its competitors.

LINK Marines Loading Up

LINK prices have collapsed to their lowest levels for almost two months in a fall back to $7.30 according to Tradingview.com.

There has been a minor recovery today as the token topped $8 again, but it is still massively down from its all-time high in mid-August. Back then the Chainlink token briefly touched $20 but it has been a downward slide ever since resulting in a 60% slump to current levels.

This price zone serves as solid support, however, there may be another dip to the 200 day moving average which lies around the $6.60 level.

Crypto investors have been eyeing the charts and are loading up on LINK which could drive prices back up in the short term. Trader and analyst going by the twitter handle ‘RNB (Crypto Warrior)’ (@CryptoWarrior01), has seen the same chart predicting a bounce back to $10 or $12.

I'm about to become a $LINK marine here pretty soon. Long overdue for a bounce. minimum $10 with a high of $12. pic.twitter.com/WUbFBWS4rh

— RNB (Crypto Warrior) (@CryptoWarrior01) September 23, 2020

The sentiment has been echoed by fellow trader ‘MacroLINK’ (@MacroCRG), who has also admitted to becoming a ‘LINK Marine’ and entering at these levels.