Great Time For LINK Rally, Hints Analyst As Price Rebounds 20%
The analyst who correctly predicted a major drop in the LINK price earlier this September had eased his bearish bias on the cryptocurrency.
Per the pseudonymous entity, LINK/USDT is in the middle of confirming a bottom after plunging by almost 63 percent from its YTD/record top at $20. The said downside move brought the pair inside what appears to be a reliable support range.
The analyst highlighted the area in his latest tweet as he made a cautious bullish prediction.
LINK/USDT is looking to establish a price floor as per Lomah Crypto. Source: TradingView.com
“Pretty obvious [support] here which kinda worries me,” the analyst tweeted. “But whatever, assuming that the low is set and we get a (larger) move up in the mid-term.”
He expected LINK/USDT to attempt a sharp bounce back from the $7-8 range. The analyst further hoped that the pair would retrace to as high as $12.90 – if it manages to close below a string of short-term upside targets, as shown in the chart below.
“I think LINK would find some relief after running weekly support,” he added.
Green Among Reds
The analyst’s statements followed a relief rebound in the LINK market in the running week. The DeFi token surged by more than 20 percent after forming a low at $7.31. As of today, it was trading by as much as $8.99.
LINK’s rebound appeared despite a market-wide bearish sentiment. The top cryptocurrency, Bitcoin, for instance, plunged 0.5 percent in a seesaw trading session Thursday.
Its choppy view left altcoins in a similar state, with the second-largest crypto Ethereum plunging by more than 1 percent, as well.
In the same timespan, LINK was up more than 6 percent. It was the only high-cap cryptocurrency in the green while the rest tumbled.
LINK posted positive returns on Thursday while others plunged. Source: Messari
The standalone upside performance excited other analysts as well. Koroush AK, a Bengaluru-based market analyst, said that it is a “great time” for traders to enter the LINK market from a medium-term perspective.
“Heck, I’m going to do it publicly like I’ve done with BTC since early this year,” he added.
Dissenting LINK Outlooks
LINK also received some skepticism from other prominent daytraders and analysts.
A prominent yet pseudonymous trader noted that LINK was bouncing off ahead of testing its 200-day moving average support. Nevertheless, he also anticipated the DeFi token to continue its downtrend below the said price floor, stating that the price could fall to $7.
200DMA incoming although remember that if BTC isn’t finished correcting, it won’t care about LINK’s MA’s. https://t.co/SdmGry4i3Y pic.twitter.com/XIHmSfNJvS
— Posty (@PostyXBT) September 24, 2020
Another analyst added that LINK has not bottomed yet, also expecting the token to test $7 before deciding on his next market bias.