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Great Time For LINK Rally, Hints Analyst As Price Rebounds 20%

Great Time For LINK Rally, Hints Analyst As Price Rebounds 20%
The analyst who correctly predicted a major drop in the LINK price earlier this September had eased his bearish bias on the cryptocurrency.
Per the pseudonymous entity, LINK/USDT is in the middle of confirming a bottom after plunging by almost 63 percent from its YTD/record top at $20. The said downside move brought the pair inside what appears to be a reliable support range.
The analyst highlighted the area in his latest tweet as he made a cautious bullish prediction.
LINK/USDT is looking to establish a price floor as per Lomah Crypto. Source: TradingView.com
LINK/USDT is looking to establish a price floor as per Lomah Crypto. Source: TradingView.com
“Pretty obvious [support] here which kinda worries me,” the analyst tweeted. “But whatever, assuming that the low is set and we get a (larger) move up in the mid-term.”
He expected LINK/USDT to attempt a sharp bounce back from the $7-8 range. The analyst further hoped that the pair would retrace to as high as $12.90 – if it manages to close below a string of short-term upside targets, as shown in the chart below.
“I think LINK would find some relief after running weekly support,” he added.
Green Among Reds
The analyst’s statements followed a relief rebound in the LINK market in the running week. The DeFi token surged by more than 20 percent after forming a low at $7.31. As of today, it was trading by as much as $8.99.
LINK’s rebound appeared despite a market-wide bearish sentiment . The top cryptocurrency, Bitcoin, for instance, plunged 0.5 percent in a seesaw trading session Thursday.
Its choppy view left altcoins in a similar state, with the second-largest crypto Ethereum plunging by more than 1 percent, as well.
In the same timespan, LINK was up more than 6 percent. It was the only high-cap cryptocurrency in the green while the rest tumbled.
LINK posted positive returns on Thursday while others plunged. Source: Messari
LINK posted positive returns on Thursday while others plunged. Source: Messari
The standalone upside performance excited other analysts as well. Koroush AK, a Bengaluru-based market analyst, said that it is a “great time” for traders to enter the LINK market from a medium-term perspective.
“Heck, I’m going to do it publicly like I’ve done with BTC since early this year,” he added .
Dissenting LINK Outlooks
LINK also received some skepticism from other prominent daytraders and analysts.
A prominent yet pseudonymous trader noted that LINK was bouncing off ahead of testing its 200-day moving average support. Nevertheless, he also anticipated the DeFi token to continue its downtrend below the said price floor, stating that the price could fall to $7.

$LINK
200DMA incoming although remember that if BTC isn't finished correcting, it won't care about LINK's MA's. https://t.co/SdmGry4i3Y pic.twitter.com/XIHmSfNJvS
— Posty (@PostyXBT) September 24, 2020

Another analyst added that LINK has not bottomed yet, also expecting the token to test $7 before deciding on his next market bias.

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