The aggregated crypto market has been caught within a firm downtrend over the past several days and weeks, but one top crypto has been able to buck this trend, rallying to fresh all-time highs against its Bitcoin trading pair yesterday before incurring a selloff today.
Today’s selloff has led Chainlink – the best performing cryptocurrency of both 2019 and 2020 – to plummet by nearly 10%, but analysts have noted that its insane uptrend is far from being over, making each dip a perfect buying opportunity.
At the time of writing, Chainlink is trading down over 9% at its current price of $3.86, which marks a notable decline from its recent USD highs of $4.80, and only a 7% decline from its recently established BTC all-time highs.
This drop has caused the cryptocurrency to form a shooting star candle on its daily chart, suggesting that some further downside could be imminent.
“LINK daily chart – Pending shooting star candle suggests this is a good spot to take profit,” Big Cheds, a prominent analyst, noted in a recent tweet.
$LINK daily chart – Pending shooting star candle suggests this is a good spot to take profit pic.twitter.com/faWUqhpuvc
— Big Cheds (@BigCheds) February 29, 2020
Today’s decline also comes as the aggregated crypto market faces some turbulence, with Bitcoin trading down 2% at its current price of $8,500, while Ethereum, XRP, Litecoin have all shed roughly 4% over the past 24-hours.
This market-wide downturn marks an extension of the downtrend that was first incurred last Sunday when Bitcoin faced a dire rejection $10,000, which sparked an intense selloff that has shown no signs of slowing down.
Now Could be a Great Opportunity to Long LINK, Claims Analyst
Despite the bearish shooting star candle LINK recently formed, analysts still believe that LINK dips are for buying.
Josh Rager, a prominent cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:
“One of my new ways to generate profit this year will be longing $LINK on dips. I primarily margin trade Bitcoin, along with ETH. But I’ll take the opportunity to 2x or 3x trade these 20% – 30% bounces after LINK pullbacks.”
One of my new ways to generate profit this year will be longing $LINK on dips
I primarily margin trade Bitcoin, along with ETH
But I’ll take the opportunity to 2x or 3x trade these 20% – 30% bounces after LINK pullbacks
You can now margin trade LINK on https://t.co/973zKRlvoW pic.twitter.com/hccBuwXRoU
— Josh Rager 📈 (@Josh_Rager) February 29, 2020
Because the insanely bullish crypto is not correlated with Bitcoin and the aggregated market, it is probable that LINK will continue seeing intense upwards momentum that leads it to set fresh highs in the days and weeks ahead.