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On October 25, 2019, the LINK price barely failed to reach a new all-time high. It has been decreasing since. We believe it has reached its high for the current year.
On November 14, LINK made another attempt at initiating an upward move, which failed at the same resistance area. Since then, it has decreased by 23%.
Altcoin Trader and analyst Crypto Krillin (@LSDinmycoffee) stated that the LINK price recently did what he calls a "dead cat bounce," meaning that it has initiated a relief rally in response to the prior decrease. For the future, he has outlined two possible price paths:
The price decreases to the ascending support line, bounces and resumes its upward movement.
The price decreases to the support line, breaks down and heads lower.
$LINK
update: dead cat bounced a bit on dma100, but will likely keep following the squiggly line pic.twitter.com/xeZ7BlDqil
- Crypto Krillin ॐ (@LSDinmycoffee) December 17, 2019
Which one is more likely? Continue reading below if you are interested in finding out.
Steep, Steeper and Steepest
The LINK price has been increasing since 2018. Every time it has made a higher low, the rate of increase has accelerated. This seems unsustainable in the long-term.
Therefore, while the recent resistance area at 36,000 satoshis combined with the latest support line creates an ascending triangle, we think it is more likely that the price has created a double top and will decrease instead.
This view is supported by the presence of two long upper wicks near the resistance area.
Furthermore, both the weekly RSI and MACD have generated very strong bearish divergence. This all but confirms that the price will decrease until it reaches the support line.
We suggested this decrease will occur in our previous article.
Therefore, we believe the fir
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