Trader Recently Shared an Update on His LINK Technical Analysis

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LINK Technical Analysis
  • Ali recently shared that LINK reached his previously-mentioned downside target of $7.60.
  • The altcoin’s price experienced a 3.40% correction over the last 24 hours.
  • LINK’s price is currently resting on a key support level of $7.47 as a result of the correction.

The crypto trader Ali (@ali_charts) tweeted this morning that his previous downside target for Chainlink (LINK) has been reached. According to the tweet, Ali’s downside target of $7.60 was achieved recently after the TD Sequential presented a sell signal for the altcoin on Wednesday.

In a tweet on Wednesday, the trader had shared that the TD Sequential had presented a sell signal for LINK on its daily chart. As a result, the trader added in the tweet 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.

The potential correction forecasted in Ali’s tweet on Wednesday has played out, as LINK’s price stands at $7.53 at press time according to CoinMarketCap. This comes after the altcoin printed a 3.40% loss 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) over the last 24 hours.

4-hour chart for LINK/USDT

LINK’s price has attempted to break below the 4-hour support level at around $7.47 earlier this morning. Bulls did, however, step 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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