Bears Take Over Chainlink Due To Immense Selling Pressure: Analysis

Bears take over chainlink because of the immense selling pressure that struck the cryptocurrency and stopped it from seeing more momentum in the past few days and weeks. Chainlink was holding strong but the bears are taking over slowly as we are reading more in our latest Chainlink coin news.

LINK was closely tracking Ethereum’s price action lately which caused it to see a sharp selloff yesterday which was since erased by the bulls. The cryptocurrency is stuck below the near-term resistance of the $13.00 price range until it is able to break above the key level, but until then it could continue facing more consolidation in the upcoming days and weeks ahead. Breaking above this level could be of major importance and could even start a further upside but it could not be enough to shift the trend into the favor of the bulls.

Bears take control now as one analyst noted, with a $13.75 level being the crucial level that he is watching. Until LINK is able to break above this level, the crypto asset could see more sideways trading in the days ahead. Whether or not LINK is able to break above this level will only depend on Ethereum and the crypto market. At the time of writing, Chainlink was trading up by 5% with a price of $12.75 which marks a huge surge in price from daily lows of $11.80 that was initially set with ETH’s drop to $440.

The lows were short-lived since the buyers reversed the downtrend and sent the price at the same level where it was trading over the past few days and weeks. The $13.00 price range remains a strong resistance level for LINK since every break above it previously was met with serious inflows of selling pressure. If the level gets flipped into support, it could catapult the cryptocurrency much higher.

While sharing his opinion on where Chainlink could trend in the near-term, one analyst said that he has his eyes set at $13.75. Breaking above this level could put LINK into the hands of the bulls with the bears having the edge so long as the trades remain below:

 “Still acting inside resistance here. Flipping $13.75 and I’ll turn bullish. Until then, I’m not.”

In the upcoming few days, we could gain some more insight on where the altcoins like Chainlink will trend in the days ahead. Ethereum also has to show strength for LINK to break the crucial near-term resistance levels.