cryptoknowmics.com
LINK trading week continues the unpleasant downward trend of September. After an unsuccessful attempt by buyers in late August to take control of the $33-$35 range, sellers began a local downward trend that has been going on for three weeks. Trading volumes during the LINK price fall are higher than during the growth wave since the end of July. This fact suggests that it is very likely that a new impulse fall wave is currently underway, which may update the previous local low for Chainlink.
https://www.tradingview.com/x/52hGrTwp/
If the previous two trading weeks on the Chainlink market gave at least some hope to keep the price of buyers, this week closes completely in favor of a continued fall. The critical point below which the downward trend can only accelerate is the $14.7 mark. It is from this point that buyers were able to locally stop the strong fall wave from May. Keeping this mark will give buyers a plan to continue the LINK price growth with a target of $50. However, is there a chance for a more positive scenario in the Chainlink market?
Technical Analysis of LINK on the Daily Timeframe
https://www.tradingview.com/x/FJO7DjAZ/
Analyzing the daily chart of the LINK market, we can see that a new local fall wave began after the loss of control over the trend line of buyers. This trend line withstood the first attack of sellers on 7 September. Though, due to the lack of a counterattack by buyers, the downward trend continued. Now, the LINK price has reached a range that prevented buyers from starting an active growth wave in early July. Trading volumes began to grow during approaching this range. If we see a decrease in the intensity of the price fall and an increase in trading volumes at the same time — this will be a powerful signal to prepare the Chainlink market for the LINK price reversal.
LINKBTC Price Has the Prospect to Another Fall by 15%
https://www.tradingview.com/x/3tVsLLmF/
Nevertheless, the positive scenario immediately dissipates if we analyze the mood of LINKBTC market participants. As you can see in the chart, buyers have been very unsuccessful in the last two months of trading. The last local growth wave on the weekly timeframe looks like the last breath before death.
Therefore, sellers have a high chance to test the global trend line of the growth channel in which the LINK price has been moving since 18 July. It is after the test of this trend line that there is a great chance to start a strong rebound in the LINK market.