BTC price It continues to close above $60,000 and altcoin investors are getting more and more courageous. If the weekly close is also at current levels, hopes for a return may increase. Indeed, prices may increase in September with the expectation of both interest rate cuts and the historical end of long-lasting boring movements. What about in the short term?
Chainlink (LINK)
In the short term LINK Coin The possibility of a decline is becoming clear. Data from CryptoQuant shows the potential for a decline, even though there has been a 10 percent increase in price. Because LINK Coin reserves on exchanges have reached their highest level since August 4. This shows that LINK Coin assets held on all exchanges have increased and naturally there is more supply ready for sale. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
When long-term investors want to hold their assets, they move them from exchanges to cold storage. The shrinkage of reserves on the exchange is a bullish signal for BTC and altcoins. For example, on an annual basis, BTC exchange reserves fell by more than 10 percent, reflecting the strength of accumulation.
Social dominance data compiled by Santiment also points to a possible peak for LINK Coin. Typically, social dominance signals FOMO when it is in the peak region, which supports the potential for a price drop based on historical data.
LINK Coin Price Prediction
In the graphic too LINK Coin There is a bearish signal for . The bearish pennant becomes apparent on the daily chart. This formation occurs when three trend lines come together. The pennant is completed with the flagpole formed by the first downtrend and the lines representing the support and resistance in the consolidation phase. Considering the bearish signals in the first section, there may be a downward break.
Below $10 and a potential bottom of $9.95 are the formation targets. If buying pressure strengthens and BTC continues to test $62,000 again, we could see a reversal. In this case, the price is likely to return to the resistance at $13.1.
BTC price At the time of writing, it is close to $60,500 and altcoins have generally stopped their gains. Powell will make important statements in the coming hours and the Jackson Hole speech is expected to increase volatility.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
