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Chainlink (LINK) is so far one of the top performing cryptocurrencies in 2020. It rose to about $20 from under $2 at the start of the year, but has been dropping since, reaching as low as $13 before rising to the current $15. While it looks like it has already started recovering, altcoin trader Crypto Krillin tells his 32,000 Twitter followers it may drop further and consolidate before the next move up.
Looking at the cryptocurrency chart, the analyst said for those who would like to make some gains from LINK in the next upward move, another touch of the $13 price on a 4-hour time frame “could be an interesting entry” providing an opportunity to buy.
In a Twitter post, he wrote:
“Update: yep was not the place to long, so far following the break down squiggly pretty well, ~$13 double bottom on 4h could be an interesting entry.”
Next move could be a big move
LINK is the native token of the Oracle cryptocurrency project, Chainlink. With the increasing relevance of smart contracts in real life today, LINK has increasingly become more valuable and risen to become the fifth largest cryptocurrency by market capitalization.
While LINK has done phenomenally well, analysts believe it may do even better soon. Since LINK is one of the DeFi tokens that has been exploding recently, investment analyst Timothy Peterson says the token may rise to $32 before the year 2020 runs out.
Though the market is starting to show signs of recovery, selling pressure may hold it down for a while, causing it to drop further in line with Crypto Krillin’s predictions. It may also be held back by the fact that Bitcoin is already likely to start moving as it has succeeded in breaking above $11,600 after several failed attempts. Such moves have historically held down altcoins, and LINK is not an exception.
However, it will be interesting to see what happens in the next few days – whether the DeFi token will live up to its expectations or fall even further below $13.