fxstreet.com 23 Feb, 2021 11:00 am

LINK bulls flee as broadening wedge pattern hints at a 50% drop

Chainlink price suffered a 26% crash due to the sell-frenzy witnessed on Monday’s trading session. A continuation of this selling pressure has caused

Chainlink price nears the end of an ascending broadening wedge pattern that forecasts a 50% drop.Chainlink price suffered a 26% crash due to the sell-frenzy witnessed on Monday’s trading session.Chainlink price hangs by a thread Chainlink price has formed a series of higher highs and higher lows since January 17.Based on IntoTheBlock’s Global In/Out of the Money (GIOM), roughly 28,000 addresses have purchased nearly 42 million LINK at an average price of $27.

GIOM cohorts show that 41,000 addresses hold 35 million LINK here and will withstand any short-term selling pressure.In such a case, the oracle token will drop to the next meaningful support barrier at $13, where 45,000 addresses hold about 55 million LINK.

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