{"id":507900,"date":"2022-11-08T18:09:36","date_gmt":"2022-11-08T15:09:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chainlink-plunges-from-three-month-high-as-link-price-eyes-another-50-correction\/"},"modified":"2022-11-08T18:09:36","modified_gmt":"2022-11-08T15:09:36","slug":"chainlink-plunges-from-three-month-high-as-link-price-eyes-another-50-correction","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chainlink-plunges-from-three-month-high-as-link-price-eyes-another-50-correction\/","title":{"rendered":"# Chainlink plunges from three-month high as LINK price eyes another 50% correction"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4133889bf98\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4133889bf98\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-plunges-from-three-month-high-as-link-price-eyes-another-50-correction\/#%E2%80%9D_Chainlink_plunges_from_three-month_high_as_LINK_price_eyes_another_50_correction_%E2%80%9C\" >&#8221; Chainlink plunges from three-month high as LINK price eyes another 50% correction &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-plunges-from-three-month-high-as-link-price-eyes-another-50-correction\/#Whats_making_Chainlink_stronger\" >What&#8217;s making Chainlink stronger<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-plunges-from-three-month-high-as-link-price-eyes-another-50-correction\/#A_25_correction_setup_is_still_in_play\" >A 25% correction setup is still in play<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Chainlink_plunges_from_three-month_high_as_LINK_price_eyes_another_50_correction_%E2%80%9C\"><\/span>&#8221; Chainlink plunges from three-month high as LINK price eyes another 50% correction &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-4b69a2fe>Chainlink (LINK) returned to mimic the broader crypto market downtrend as its price fell alongside top coins Bitcoin (BTC) and Ether (ETH) on Nov. 8.\u00a0<\/p>\n<p>LINK plunged by as much as 10% into the day to reach $8. While BTC and ETH slipped by <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 6.5% and 9%. That contrasts with the trend witnessed on Nov. 7, wherein LINK rallied 14% to $9.25, its three-month high, while BTC and ETH dropped 1.5% and 0.5%, respectively.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/f1d87f8f-1b78-4954-bb5f-db0ee892d7a0.png\"><figcaption style=\"text-align: center;\"><em>LINK\/USD two-hour price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Overall, on a week-to-date timeframe, Chainlink has outperformed both Bitcoin and Ethereum.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whats_making_Chainlink_stronger\"><\/span>What&#8217;s making Chainlink stronger<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>LINK&#8217;s price has rebounded by nearly 75% after bottoming out at $5.29 in May. Notably, the Chainlink token&#8217;s recovery rally has coincided with a persistent increase in the supply held by its whales (entities that hold at least 1,000 LINK).<\/p>\n<p>The Chainlink supply percentage held by addresses with a balance between 1,000 LINK and 1 million LINK has risen to nearly 23% in November from 18.2% in May, according to Santiment data. This indicates that rich investors may have been the key players behind the LINK price recovery.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/66662a35-7395-4154-8d56-c0a182d6f3d2.png\"><figcaption style=\"text-align: center;\"><em>LINK supply distribution among addresses holding 1K-1M tokens. Source: Santiment<\/em><\/figcaption><\/figure>\n<p>Interestingly, the LINK accumulation trend is rising in the days leading up to the launch of &#8220;Chainlink Staking.&#8221;<\/p>\n<p>Chainlink Co-founder Sergey Nazarov announced at SmartCon 2022 that their long-awaited LINK staking reward function would go live in December. In addition, the project&#8217;s official website <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/chain.link\/economics\/staking\">confirms<\/a> that it would enable &#8220;eligible community members&#8221; to stake LINK into its pool in December.<\/p>\n<p>The LINK staking service will be opened for the public in the same month, with the initial annual percentage yield set at 5%. The event has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Voyager4IR\/status\/1586834805932670985\">started drawing speculations<\/a> about increased demand for the Chainlink tokens by the end of 2022.<\/p>\n<p>LINK appears to have benefited in the short-term due to the euphoria around the Chainlink Staking function, given other coins have tumbled in unison in response to the crypto hedge fund Alameda Research&#8217;s insolvency rumors.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw\">#Chainlink<\/a> spiked all the way above $9.20 for the first time since August 13th, a ~3 month high despite very volatile markets. This rise has been supported by the largest amount of active <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LINK<\/a> addresses in 5 weeks, and traders are longing aggressively. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ZxsZnveURm\">https:\/\/t.co\/ZxsZnveURm<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/lia6XAgSar\">pic.twitter.com\/lia6XAgSar<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1589793737156493316?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_25_correction_setup_is_still_in_play\"><\/span>A 25% correction setup is still in play<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From a technical perspective, LINK&#8217;s recovery rally since May has been confined inside an ascending triangle range.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin heads to US midterms as research says dollar \u2018closing in\u2019 on a market top<\/em><\/strong><\/p>\n<p>Ascending Triangles are continuation patterns, meaning they typically send the price in the direction of its previous trend after a consolidation period. LINK was trending downward before it formed its ascending triangle. <\/p>\n<p>The token&#8217;s likelihood of continuing its downtrend and reaching its profit target stands at 44%, per the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/thepatternsite.com\/at.html\">observation of ascending triangles<\/a> by veteran investor Thomas Bulkowski. The profit target is measured after adding the maximum triangle height to its breakdown point, as illustrated below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/38378b73-fc9a-43cd-85ed-b325091fcbeb.png\"><figcaption style=\"text-align: center;\"><em>LINK\/USD three-day price chart featuring ascending triangle breakdown setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>That puts LINK en route to around $4.15 by December 2022, down about 50% from today&#8217;s price.<\/p>\n<p>Conversely, independent market analyst Pentoshi <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1586411463412965377\">anticipates<\/a> LINK to reach $12 in the same period, given the token has been floating above the same support that was instrumental in sending its price to a record high in May 2021.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/f5aa6c36-67e6-43f2-bfef-169f2f348966.jpeg\"><figcaption style=\"text-align: center;\"><em>LINK\/USDT three-day price chart. Source: TradingView\/Pentoshi<\/em><\/figcaption><\/figure>\n<p>&#8220;While people are quiet on it now. I don&#8217;t think that will be the case 3-4 weeks from now,&#8221; Pentoshi said.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/chainlink-plunges-from-three-month-high-as-link-price-eyes-another-50-correction\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Chainlink plunges from three-month high as LINK price eyes another 50% correction &#8220; Chainlink (LINK) returned to mimic the broader crypto market downtrend as its price fell alongside top coins Bitcoin (BTC) and Ether (ETH) on Nov. 8.\u00a0 LINK plunged by as much as 10% into the day to reach $8. While BTC and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":507901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZmNmNjhmNDItYTQ3NC00YTk3LWIwNGQtNWE4NGE4NTI5ZjM2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74937,75167,74938,74939,78261,73785],"class_list":["post-507900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-bitcoin-price","tag-chainlink","tag-ethereum-price","tag-market-analysis","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/507900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=507900"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/507900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/507901"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=507900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=507900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=507900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}