In summary:
The month of August has been a wild ride for ChainLink (LINK) as the digital asset has grown tremendously and also corrected in a similar fashion. What started off as a campaign to liquidate Zeus Capital on the 2nd of August, ended up being one of the greatest increment in value for a digital asset in 2020.
LINK posted an all-time high value of $20.30 almost 3 days after Barstools Sports’ Dave Portnoy became a LINK marine. However, ChainLink soon corrected hard and went as low as $12.85 yesterday, August 21st.
On the same day, Mr. Portnoy took to Twitter to explain that he no longer owns any LINK or Bitcoin. Below is his tweet making the announcement.
Less than 24 hours after posting the tweet, ChainLink has once again rebounded in the crypto markets. At the time of writing, LINK is trading at $16.10 and looks set to attempt recapturing the $17 support area. To get a glimpse of the potential short term future for ChainLink, the 6-hour chart provides several clues as to where LINK’s price is headed.
From the chart, the following can be observed.
Mr. Portnoy has since chimed in on LINK’s bounce via the following tweet.
To note is that ChainLink (LINK) is experiencing a bounce within a correction as illustrated in an earlier analysis. As a matter of fact, LINK’s move fits perfectly with what is known as a ‘Dead Cat Bounce’.
As with all analyses of ChainLink, traders and investors are advised to use adequate stop losses and low leverage when trading LINK on the various derivatives platforms.