Chainlink Thrives with Bitcoin, Yet Finding Strong Support! Will LINK Price Be Back in Action now?
LINK/USDT Technical Analysis
The LINK/USDT pair maintained a notable uptrend since the beginning of 2022 to reach the highs close to $30 from $19. However, in the last 24 hours, the asset has undergone immense price variations that dragged the price to the lower levels. Despite the multiple attempts to flip the bearish divergence, yet the asset failed to gear up and continued to fall into the deep well.
The LINK/BTC since it reached the yearly highs around $27, followed a notable downtrend. And without undergoing a steady decline, yet the asset dropped steeply. It appears that the price may not wait to reach the apex of the triangle for a breakdown, as the asset has already tested these levels a couple of times. However, the third time if the price revisits the lower support, then the possibilities of a breakdown are pretty high.
LINK/BTC Technical Analysis
Similar to the USDT pair, LINK/BTC also maintained a notable uptrend since the beginning of 2022. Yet when the USDT pair trembled and plunge down, yet the BTC pair ranged high to smash its ATH at 0.0005975 BTC. No doubt the asset is experiencing a little pullback since then but is able to sustain well above the support levels and hence manifesting the bullish trend.
As mentioned, the asset is trending within a parallel channel ever since it achieved its highest levels. The LINK/BTC is swinging within the channel and moreover, the asset has dropped below the middle bands which is a little worrisome. But very soon the asset may regain the bullish momentum as the Bitcoin with USDT pair has plunged drastically.
Collectively, with the drop in Bitcoin prices, a situation of huge turmoil is currently circulating in the crypto space. Therefore, the altcoins paired with BTC are going long way to reach their peak. And hence despite the LINK/USDT is drowning, LINK/BTC is surging high to reach new highs.Source