Should Chainlink holders prepare for a drawback?

Chainlink Faces Correction as Buyers Exhaust

Posted: November 13, 2023

Holding Chainlink [LINK] over the last few months has been a wise decision due to its 108% jump in the last 90 days. However, the token experienced a notable correction in the last 24 hours, shedding 5.08% of its gains and dropping to $15.36.

Time for LINK to cool down

The TD Sequential indicated that LINK may drop to $12.50, suggesting a potential retracement due to buyer exhaustion at $15.27. There is also talk that the token could surpass its All-Time High (ATH) of $52.70, although it is currently down 86.99% from the peak.

The Relative Strength Index (RSI) shows that LINK’s buying momentum is waning, and the token value may continue to decrease. A look at the 0.786 Fibonacci retracement level indicates a possible entry point around $11.82 if LINK drops below $12, with a potential recovery to $15.

Buyers are now spectators

Santiment’s data revealed that LINK’s Exchange Inflow had surpassed the outflow, indicating that sell-offs may be imminent. In the last seven days, Chainlink’s inflow was 5164 while the outflow was 496, signaling that LINK holders may need to prepare for potential portfolio value impact in the coming days.

As the market braces for a potential correction, it’s important for investors to stay informed and monitor the situation closely.

Is your portfolio green? Check out the LINK Profit Calculator

### News source:

See also  CertiK Identifies DNS Hijacking Cause on DeFi

By Team