Chainlink has been flashing signs of intense weakness throughout the past few days, with the cryptocurrency breaking below the lower boundary of its long-held trading range as its buying pressure begins dissolving.
This type of sustained retrace is quite unusual for LINK, as the cryptocurrency typically only sees sharp downside movements that are followed by even sharper rebounds.
This time has been a bit different, however, as the descent from its recent highs of $20.00 has caused it to see a slow grind lower that is showing few signs of reversing.
It has been able to find some strong support around $10.50, but Chainlink’s overall short-term outlook still remains rather weak, and analysts are noting that it could decline significantly further.
One trader is specifically looking towards a move down to $7.915, explaining that the support here may be enough to catapult it back up to its all-time highs that are currently set around $20.00.
The same trader also