Chainlink (LINK) Forms Macro Reversal Signal After Rally 70% in the Past Month

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After retracing by approximately 20% from the local highs, Chainlink (LINK) is surging higher once again. Against the U.S. dollar, the cryptocurrency now trades at $8.33 — a price 7.75% higher than it was 24 hours ago. The asset is unfortunately forming a macro reversal signal on its chart that predicts LINK may soon drop once again. Further suppressing altcoin gains, analysts expect volatility in the price of Bitcoin and Ethereum to act as a weight on altcoins. Chainlink Prints TD Sequential Reversal Signal The ratio between Chainlink and Bitcoin (LINK/BTC) just printed a “sell 9” candle on its monthly chart, per the Tom Demark Sequential. The Tom Demark Sequential is a time-based technical indicator that prints “9” and “13” signals when an asset has reached an inflection point in its trends. According to the indicator, LINK will likely see a reversal against Bitcoin in the coming months, after having…

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