Is Chainlink a Scam? This Chart Says So

Chainlink continues to face scrutiny following an extended decline against both Bitcoin and the U.S. dollar. Chainlink continues to deal with scrutiny following a prolonged decrease against both Bitcoin and the U.S. dollar. A current tweet by the account ExposeChainLink enhanced issues, which states “Congrats to another brand-new $LINK low versus $BTC without any opportunity of a recovery.” While mentally charged, the technical information appears to support the current bearish narrative, with LINK revealing no indications of strength throughout either trading pair. On the LINK chart, it’s now trading at simply 0.0001257 BTC, that’s a drop of over 70% in the last five years. And it’s not simply the BTC set feeling the heat. LINK cost likewise slid to $13.30 on June 13, losing nearly 5% in a single day. Traders are closely keeping track of essential support levels amidst growing pressure on both charts.

LINK/BTC Pair Extends Multi-Year Downtrend

Chainlink performance versus Bitcoin has actually stayed in a consistent downward channel since early 2021. After peaking above 0.0013 BTC, each healing attempt has actually failed to recover previous highs. Lower highs have formed repeatedly, while each assistance zone has broken gradually. The pair has now breached the 0.00020 BTC level and is currently in uncharted territory. No historical support is visible listed below existing levels. The next level to see is 0.000100 BTC, but so far, price action hasn’t really checked or confirmed it. Resistance is still sitting up at 0.00020 and 0.00030 BTC. Up until LINK rate breaks out or reveals some sort of turnaround, it’s still looking weak compared to Bitcoin.

LINK Price Deals With Key Breakdown Risk

On the LINK price chart, the rate is trading below the 9-day simple moving average, which stands at $14.00. After a stopped working bounce near $15.50 earlier this month, selling resumed. The June 13 daily candle closed at $13.30, with printing a wide red body with a lower wick around $12.75. This shows sellers were plainly in control for the majority of the session, even if a couple of purchasers appeared near the bottom. Keep a close eye on the $13.00 and $12.00 support levels. If LINK cost drops below $13.00, it might head down towards the $12.00 zone from April. Resistance is now found at $14.00 and $15.50, both of which declined cost advances in earlier sessions.

Chainlink Structure Remains Bearish on Both Charts

On both the BTC and USDT sets, the Chainlink structure is displaying a clear bearish structure. The descending trendline from the 2021 high continues to top cost healing efforts. No breakout has happened on the LINK/BTC set in over 2 years. On the LINK/USDT chart, each bounce has led to a lower high followed by renewed selling. Unless LINK cost recovers essential moving averages and breaks through overhead resistance with volume, existing momentum is expected to stay in favor of sellers.