Following the performance of LINK, a possibility of pullback observed

After gaining bullish momentum, LINK could have a pullback soon
  • Last weekend, LINK achieved a new all-time high, near the price level of $23
  • The token seems to be behind the verge of witnessing a severe breakdown
  • The technical aspects of the token tell the possibility of gaining a bearish momentum

LINK, the native token of Chainlink, has achieved a new all-time high by reaching near the price level of $23 according to price data from CoinMarketCap. With the achievement, the token’s total market capitalization has also been pushed to $9.3 billion. With the increment in the market cap, Chainlink was positioned at the eighth place, according to CoinMarketCap. However, LINK is not the only winner, as Polkadot and Cardano have also surged over the past twenty-four hours.

The recent performance of Chainlink’s LINK

Last weekend, we observed that several major cryptocurrencies like Bitcoin and Ethereum were wavering. It is also observed that such a token’s total market has dropped from more than $1.1 trillion to $987 billion. On the other hand, Chainlink has rallied and on Monday, achieved a new high. Observing the price over the last twelve months, it is found that the token is up by more than 1050%. Over the previous seven days also the token is up by approximately more than 52%. However, at press time the token is trading near the price level of $21. Indeed, the token is currently under severe selling pressure.

The token is behind the verge of a breakdown

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The selling pressure over the LINK intensified dramatically over the last week, and the token is currently facing a decrease in the number of large investors. Following the massive move of the token’s volume, the sudden spike in the selling pressure can translate into a downward action. The number of Chainlink addresses holding the around 10,000-100,000 tokens, has significantly dropped towards 2,851 from 2,880. On the other hand, the number of large bulls holding approximately 1 million to 10 million tokens have dropped to 51 from 55.

Link’s technical analysis and future estimations

The investors of LINK are concerned, whether it’s time to buy or not. Following the token price chart, it is observed that in recent months, the token remained in a bullish mood. And considering the new ATH of the token, it seems like the token has formed a double-top pattern shown in the dark. Usually, such patterns are observed, ending as being bearish. The price of LINK is still above the 25-day and 15-day exponential moving averages (EMA), there are chances of pullback. If such momentum is witnessed, then the next level to observe will be the double-top at $19.24.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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