Is It Too Late to Buy Chainlink? LINK Price Shoots Up 20% in 7 Days and BTC20 is the Next Crypto to Explode – Here's Why

cryptonews.com:

In a strong bounce back since the pits of early June, Chainlink (LINK) has been on the climb pushing up +75% over the last month, but as price action rejects from the upper trendline, is it too late to buy Chainlink?

LINK has been caught in a predictable range characterized by +/- 80% chop for more than a year, as Chainlink holders continue to weather a gentle downside slide following the 2021 crypto bull run.

With LINK now trading at a current price of $7.61 (a 24-hour change of -3.51%), ongoing price action seems to be no exception from this pattern.

The current downside move comes following rally rejection from a +75% move that saw the impressive rally top out at the upper trendline around $8.50.

Now in a technical retracement, LINK has so far bled out -10% of its value, with the drop stirring anxieties as LINK seemingly falls through a potential support level at $7.75.

With few localized supports below, price action now seems destined to retrace down the converged 20DMA and 200DMA around $6.80 (a possible -10% move from here).

There is little relief to be found in Chainlink's indicators either, with the RSI still overheated signaling bearish divergence at 60.

And LINK's dwindling performance on the MACD adds more fuel to the fire with bullish divergence marginalised to 0.094 and likely to flip bearish imminently.

The technical retracement and drop below the $7.75 price level leaves LINK's risk: reward structure on the short-time frame looking bleak at 0.2 - a terrible entry characterized by almost overwhelming 5x downside risk.

With downside movements clearly dominating the chart, many investors are rotating capital to find more lucrative returns in the short time frame - with one unlikely proof-of-stake project garnering