LINK.d broke down from a major ascending channel
Looking at the dominance chart, we can see that a 3 year old ascending channel has been broken down with a failed retest. The measured move and the 1.618 fib extension are confluent at 1.7 Billion which is equivalent to 5 dollars on the USD pair.
The USD pair chart also shows a breach of a longterm diagonal support.
Currently the RSI rests at historic support. Link might bounce to retest the channel. A breakdown of the RSI historic support will confirm a move to $5.
Previously I was very optimistic about LINK but the break drown from the channel shows a lot of weakness in the coin currently. LINK did not perform in the recent ALTS runs as good as other ALTS. LINK had a stellar 20x run after March 2020, but was unable to garner the same interest afterward.
The USD pair chart also shows a breach of a longterm diagonal support.
Currently the RSI rests at historic support. Link might bounce to retest the channel. A breakdown of the RSI historic support will confirm a move to $5.
Previously I was very optimistic about LINK but the break drown from the channel shows a lot of weakness in the coin currently. LINK did not perform in the recent ALTS runs as good as other ALTS. LINK had a stellar 20x run after March 2020, but was unable to garner the same interest afterward.
Comment:
nearing the bottom, I expect a bounce and a final bottom at lower that 4.8 dollars between 1 and 2 dollars.
