Crypto trader Ali (@ali_charts) has announced that his previous downside target for Chainlink (LINK) has been reached. According to Ali’s tweet, his downside target of $7.60 was achieved after the TD Sequential presented a sell signal for the altcoin on Wednesday. Ali had shared in a tweet on Wednesday that the TD Sequential had presented a sell signal for LINK on its daily chart. He added that a correction in LINK’s price may occur in the days that followed, and that the correction could see LINK’s price drop to $8.10 or even $7.60.
At present, LINK’s price stands at $7.53 according to CoinMarketCap, after the altcoin printed a loss of 3.40% over the last 24 hours. In addition to weakening against the U.S. Dollar, LINK also printed 24-hour losses against Bitcoin (BTC) and Ethereum (ETH).
LINK’s price has attempted to break below the 4-hour support level at around $7.47 earlier this morning. However, bulls stepped in to defend the level, resulting in the altcoin’s price bouncing from the support level to its current price. The RSI indicator on LINK’s 4-hour chart is currently in oversold territory, which may serve as an early buy signal for traders. Should traders and investors take advantage of LINK’s latest correction, the altcoin will most likely make a move towards $7.73 in the next 24 hours.
However, a break below the $7.47 support level would signal that LINK’s price will continue to drop in the next 24 hours. This will result in LINK’s price dropping to the next key support level at around $7.2.
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