Rollback continues: Chainlink token prepares to renew low

Altcoin Chainlink (LINK) continues to suffer losses and prepares to renew lows around $ 7.

On Thursday, October 8th, LINK's price dropped to $ 8.7. Over the past few days, the capitalization of the cryptocurrency has decreased by more than 13% to $ 3.056 billion.

The coin has dropped to eighth place in the ranking of the largest digital currencies according to the CoinMarketCap service.

Recall that the Chainlink price rose to $ 20 in August. At this level, the cryptocurrency reached its peak, after which a massive correction began. Some analysts immediately stated that LINK is a "bubble" that has begun to deflate, and now the token price will drop to zero.

At $ 8.8, support has not increased and the negative trend continues to dominate. It looks like traders have heeded the calls from Zeus Capital analysts to sell LINK as soon as possible. Now the coin is facing a pullback to at least $ 7.

Testing of values ​​at this level is expected within the next 48 hours, the researchers predict.