For the time being, Bitcoin’s fall has come to a halt at $42,000, which was the all-time high in January 2021. With the exception of Ripple, which went on a run with an astonishing 8 percent jump, most altcoins have halted or shown tiny gains.
In the last 24 hours, the Chainlink coin, which is ranked number 22 on the list, has lost more than 1.5 percent of its value. The coin is presently selling at $16.28, down 69 percent from it’s all-time high reached in May of last year.
After bulls failed to keep it above the $19 high, Chainlink (LINK) resumed its downward decline. The bulls smashed through support at $18 on February 7.
Chainlink was forced into the range limited zone between $14 and $18 due to resistance near $19. Over the previous two weeks, the cryptocurrency fluctuated between $14 and $18 prior to the false breakout on February 7.
Best Case Scenario for Chainlink
The coin is nearing the bottom of its range, according to Benjamin Cowen, and is attempting to reclaim the prior high from the summer of 2020.
LINK, according to the trader, is still trading below its bull market support band, which is made up of the 20-week simple moving average and the 21-week exponential moving average.
The “ideal scenario” for Chainlink, according to the analyst, is for Bitcoin (BTC) to trade above its own bull market support zone while still going sideways.
Previous LINK price increases occurred in July 2019, August 2020, and May 2021, all when Bitcoin was moving sideways above its bull market support zone, according to Cowen.
Bitcoin is currently trading at $42,588 and is up by 0.6 percent. BTC’s bull market support band, according to Cowen, presently extends from $47,000 to $51,000.
Source: https://coinpedia.org/altcoin/analyst-maps-best-case-scenario-for-chainlink-link-price/