Chainlink (LINK) price has corrected 5.80% in the past 24 hours. Crypto analyst Ali Martinez recently shared that the altcoin price has reached the downside target of $7.60 that he mentioned earlier.
After TD Sequential’s sell signal, LINK hit the target!
Chainlink (LINK) price is currently holding a key $7.10 support level as a result of the correction. Crypto analyst Ali Martinez tweeted this morning that his previous downside target for Chainlink (LINK) has been met. According to the tweet, Ali’s downside target of $7.60 was recently achieved after TD Sequential, which posted more than 25 signals, offered a sell signal for the altcoin on Wednesday.
cryptocoin.com As we reported, in a tweet on Wednesday, the analyst shared that TD Sequential offers a sell signal for LINK on its daily chart. As a result, the analyst added in his tweet that there could be a correction in the price of LINK in the following days, and that the correction could drop the price of LINK to $8.10 or even $7.60.
According to CoinMarketCap, the potential correction envisioned in Ali’s tweet on Wednesday has come true and the price of LINK stands at $7.10 at press time. This comes after the altcoin has suffered a 5.80% loss in the past 24 hours. Besides weakening against the US Dollar, LINK has also seen 24-hour losses against Bitcoin (BTC) and Ethereum (ETH) in the past 24 hours.
What’s in the drawing for altcoin?
Crypto analyst Steven Walgenbach points out the following levels regarding LINK’s technical outlook. Earlier this morning, LINK price struggled to break below the 4-hour support level at $7.47. However, the bulls stepped in to defend this level, causing the altcoin’s price to bounce from the support level to its current price.
The RSI indicator on LINK’s 4-hour chart is currently in the oversold region, which could serve as an early buy signal for traders. If traders and investors take advantage of LINK’s recent 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 will signal that the price of LINK will continue to decline in the next 24 hours. This will cause the altcoin price to drop to the next key support level, around $7.2.
At press time, the analyst’s bearish prediction has become valid as the LINK price slumped as low as $7.10.
