- Buyer exhaustion appeared around $15.27, propelling a notable correction in the last 24 hours
- Exchange inflow surpassed the outflow, suggesting that LINK may continue to fall.
Holding Chainlink [LINK] over the last few months is one of the best decisions any market participant must have made in this cycle. For a market that began the year on a torrid note, LINK’s 108% jump in the last 90 days could be a sign that the bear phase was in its last stages.
But in the last 24 hours, the token has shredded 5.08% of its gains as it dropped to $15.36. This drawdown led Ali Martinez to post that further correction could be on the way.
Martinez, a crypto analyst and trader, noted that the Tom DeMark (TD) Sequential indicated that LINK may drop to $12.50.
It looks like #Chainlink is bound for a correction!
The TD Sequential presented a sell signal on $LINK daily, 3-day, and weekly charts, anticipating a retracement toward $12.50. Failing to hold above this critical support area could extend the losses to $10.50.
Looking to buy… pic.twitter.com/jzk92ZFu25
— Ali (@ali_charts) November 13, 2023
Time for LINK to cool down
The TD Sequential is a technical tool designed to identify points of exhaustion and potential price reversal. From the chart Martinez shared, buyers already seemed fatigued at $15.27. This, therefore, implies that a lot of market players are taking profits
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Author: Victor Olanrewaju
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