The Tom Demark Sequential recently formed a “sell 9” on Chainlink’s monthly chart. The indicator normally prints “9” and “13” candles when an asset is at an inflection point in its trend. This recent signal suggests a move to the downside will soon be seen.
This is Chainlink’s first Tom Demark Sequential on its monthly chart. That means there isn’t really precedent like there was with the indicator on Ethereum’s weekly chart.
Bitcoin may dictate the directionality of altcoins moving forward.
Analysts say that altcoins underperform when Bitcoin is rallying, as capital and attention is focused on the leading cryptocurrency. Mohit Sorout, a founding partner at Bitazu Capital, recently commented:
“Most (altcoin) cycles in crypto are centered around bitcoin volatility. When it dries up, no one wants to trade btc which becomes evident from the volume as well. This leads to a large uptick in speculation on alts, driving their prices up – typically alts with strong narratives & large scale memetic behavior get the most volumes.”
Bitcoin undergoing a strong uptick in volatility here could stop altcoins from rallying, at least those without significant buying demand.
LINK has made a number of strong partnerships over recent weeks that could spur continued buying.
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