- Chainlink has been closely tracking the aggregated cryptocurrency market throughout the past few days and weeks
- This has caused it to see some notable consolidation, as well as some slight downside throughout the past 24-hours
- The main source of selling pressure on LINK’s price has been the weakness seen across the aggregated market
- ETH and BTC have both been struggling to maintain their multi-week uptrends, which is leading investors to flee higher-risk assets like altcoins
- This has put some pressure on LINK’s technical outlook, especially against its Bitcoin trading pair
- One analyst is noting that there’s a strong possibility that it sees significantly further downside in the days and weeks ahead
Chainlink has been closely tracking the entire market, which has caused it to see some technical weakness as bulls fail to hold it above multiple key support levels.
The crypto market, in general, has seen some weakness as of late, which comes as Bitcoin continues struggling to break above its crucial $19,400 resistance level that is widely seen as the last key resistance before $20,000.
Its recent break below $19,000 has compounded this weakness and caused altcoins like Chainlink and Ethereum to all turn lower.
One trader is now expecting Chainlink to decline in value against Bitcoin in the near-term, which could mean that serious losses are imminent regardless of whether or not BTC breaks out or breaks down.
At the time of writing, Chainlink is trading down just over 4% at its current price of $12.51.
This is around where it has been finding serious buy-side support throughout the past few days, which may ultimately become a strong base for it to grow upon if it continues holding strong.
Trader Claims LINK is Likely to Lose Value Against Bitcoin
There is a common notion that altcoins risk comes from their ability to lose value both while Bitcoin is running and while it is plunging.
As such, there’s a possibility that Chainlink will lose value against BTC regardless of where the benchmark crypto trends next – a possibility mused by an analyst in a recent tweet.
“LINK: Good luck with the btc pair. Many alts across the board with better rounded structures.”
Image Courtesy of Chainlink. Source: LINKUSD on TradingView.
The coming few days should shine a light on this possibility and how Bitcoin’s next big movement will influence altcoins like Chainlink.
Featured image from Unsplash. Charts from TradingView.