Chainlink (LINK) Continues Dip Below $2.00 USD Despite Poloniex Listing. Still Bullish?

18 Mar, 2020

By Lujan Odera

Contributor

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Chainlink (LINK) dips by 3.15% in the past day as bulls struggle to cross the elusive $2.00 USD psychological mark.
Addition to Justin Sun’s, Poloniex cryptocurrency exchange did little to stop the bleed on LINK/USD pair.

The cryptocurrency field is heavily suffering from the COVID-19 virus pandemic as the world faces a shut down across 120+ countries and the global asset market collapses as well. However, as other cryptos find their feet towards pre-March 12^th levels, Chainlink (LINK) continues its downtrend – losing over 3% in the past day.

In comparison, the top crypto, Bitcoin (BTC), is up a percentage in the past 24 hours, holding of bears to sit tight above $5,100 USD. However, as the world panics over the global pandemic and governments conduct expansionary monetary policies, expect the crypto market to react positively – LINK leading the charge as seen in 2020’s January and February bullish momentum.

LINK/USD bounces off $2.00 USD key resistance, 3.15% down

Chainlink currently switches hands at $1.866 USD, representing a sharp 6.56% drop from intraday highs, and a cross below the rising wedge support level at $1.90 USD. The price has also breached below the near term resistance provided by the two hour charts middle Bollinger Bands signaling a continuation of the current bearish trend.

The narrowing of the bands also shows that the price is set to explode in the near future, but with current indicators giving a sell signal, LINK/USD may spell trouble. A test of the lower 20-day BB band, which provides the longer term support level, at $1.70 USD will be key to determine a recovery or bust for LINK/USD pair.

No Effect: Poloniex exchange lists Chainlink pairs

On Mar. 17, Poloniex exchange, owned by Justin Sun, announced the addition of LINK pairs to BTC and Tron (TRX) on its platform. Despite the added liquidity options for the 16^th placed coin, the prices remained low and traded in a rectangular pattern over the past few hours.

However, looking at the longer term charts, the price of LINK looks set to reclaim its 2020 highs with the relative strength index oscillating into the buy zone on the daily charts. This, coupled with the possibility of each US citizen receiving a $1000 check from the government signal bullish movements in the coming days.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.