Chainlink (LINK) has been going through heightened price fluctuation and selling pressure for some time now. However, that is set to disappear as data shared by market analyst Ali Martinez points out signals of reversing the bearish trend.
Buy signal on LINK
Today, the analyst reported an optimistic TD Sequential indicator showing that Chainlink is starting to display signals of a possible rebound. As per the analyst, key metrics suggest the asset is on the verge of making a recovery, providing a gleam of hope for investors and traders.
The TD Sequential is a preferred instrument for multiple traders. It assists in spotting possible price reversal by identifying particular patterns in price trajectories. When it indicates a buy signal, it often suggests a reversal from a downward momentum could be forthcoming.
For Chainlink, the appearance of a buy signal is certainly an interesting development. In recent days, the asset has been experiencing a period of uncertainty and bearish momentum. The TD Sequential shows the market could be preparing to see some stabilization. Also, the chart points out that the current price (at $19.10 – as indicated in Martinez’s chart) is the right time to enter the market for traders who want to capitalize on future potential price hikes.
Chainlink price updates
LINK is currently undergoing a crucial moment. Its value has been down 20.15% over the past two weeks. Despite the declines, the token has managed to maintain its value above a critical support level of $15.90.
Although, its price has been undergoing a substantial consolidation, the asset’s momentum has not disintegrated completely and is displaying some indicators of potential rebound. However, technical analysis indicates that LINK’s price could fall as low as $15 to create a foundation for a recovery.
The wider digital asset market has been impacted by recent macroeconomic uncertainty. Several days ago, Bitcoin’s value dropped below $100,000 after US President Trump announced trade tariffs, which triggered fears about a potential trade war.
This uncertainty cascaded into the broader virtual currency market, causing negative investor sentiment, which affected several tokens, including LINK.
Despite facing increased selling pressure, LINK has displayed resilience, which has enabled it to remain above critical support levels. This provides some hope for its resurgence. The asset is currently trading at $18.62, down 4.3% over the previous day. According to Ali, if the asset can manage to rise to the resistance level of $23.78, it could begin a new uptrend, sending its values to higher levels.
