The last few weeks have only supported the argument that Bitcoin, the worlds largest cryptocurrency, remains highly correlated to the markets altcoins. This, despite the fact that over the past few months, these alts have all recorded strong performances, some independent of BTCs own movement. However, when BTC fell on 2-3rd September, so did the rest of the market. When BTC fell again by close to $500 a few days ago, so did the markets altcoins, with Chainlink, IOTA, and Dash being among them.
At press time Bitcoin has retained its position above $10k and is being traded at $10,677.
Chainlink, the eighth-largest cryptocurrency by market cap, has had a good 2020, with LINK recording YTD gains of 445%, at the time of writing. However, these figures would have been much higher had LINK not fallen from its ATH from over a month ago. Over the past week, corresponding to Bitcoins own fall, LINK fell by over 30% on the charts. The same was accompanied by reports which suggested that the cryptos developers were selling off their holdings.
It should be noted that at press time a recovery was in order since the last 48 hours had seen the crypto rise by almost 30%.
Despite the sheer scale of the aforementioned recovery, LINKs technical indicators continued to lean towards the bearish side as while the Parabolic SARs dotted markers were well above the price candles, the MACD line was below the Signal line. Unless either of these indicators switches to give bullish signals, a trend reversal will be difficult to see.
LINK was in the news recently ...
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