The LINK/USD pair recently set a new record for a digital asset’s best performance in 2020 with a colossal 1,500% price rally. The DeFi token has since corrected lower by as much as 65% from its yearly top at $20.62
LINK price dropped by a further 9% in the past 24 hours amid an influx of selling pressure to trade at $9.617 during press time. Credible Cryptos expects the token to set lower lows in the coming sessions.
LINKUSD chart by Tradingview
KuCoin Hacker Transfers Looted LINK
The infamous KuCoin Hacker, who recently stole more than $200M from the exchange, also managed to siphon about $2M worth of LINK tokens.
The crypto community has been monitoring the hacker’s moves since Sep 26 due to the hacker’s ETH wallet address’s public nature.
After selling some of his smaller altcoin reserves over the past few days, the hacker now seems to have started offloading his LINK.
Since the hacker started selling his LINK, a sudden influx of sell orders created some short-term pressure that pushed the asset lower.
However, LINK is currently one of the most liquid altcoins available to investors, and $2M in selling pressure shouldn’t have too much impact on its price. Besides the current slight price correction, the selloff shouldn’t alter the token’s mid-term trend.
One trader confirmed the hacker’s selling attempts don’t faze LINK investors. He tweeted:
“KuCoin hacker is liquidating his LINK. Nothing to be concerned about given links liquidity. Any price movements are most likely more in tandem with the general market and little to do with this.”
ETH Close Below $350 Could Spark Severe Correction
Ethereum traded in a positive zone this morning after it tested the $370 resistance against the US dollar. The ETHUSD pair then started a fresh decline after trading to a new weekly high at $368.
There was a break below the $365 and $360 levels as the altcoin slid lower. The ETH price even broke below a major ascending channel with support near $355 to trade at $353.77 during this article’s publication.
ETHUSD chart by TradingView
The next immediate support is near the $352 level. If ETH fails to stay above that support level, there is a risk of a more extensive correction. A close below $350 could lead to a downtrend that would see the bears aim to test the $333 support.
On a positive note, ETH could catalyze an uptick toward the critical resistance at $362 if the bulls manage a stay above the $352 and $350 support levels.