Quick take:

The digital asset of ChainLink (LINK) continues on its massive correction from its mid-August all-time high value of $20. Earlier today, LINKs value dropped below the crucial $8.80 support level to post a local low of $8.38. At the time of writing, ChainLink is trading at $8.82 and looks set to dip further in the days to follow.

The main reason $8.80 is a crucial level for ChainLink, is the fact that this was the last organic all-time high value before LINK marines heeded the call to liquidate Zeus Capital. ChainLink hit this value on the 15th of July and would only revisit it two weeks later on August 2nd. The latter date is also when LINK marines joined forces to begin their campaign of liquidating Zeus Capital.

Further taking a quick look at the daily LINK/USDT chart above, the following can be observed.

Summing it up, ChainLink is still very much in a downtrend. Earlier today, LINK dipped below the crucial $8.80 support zone that could ultimately open the doors to a $7 ChainLink. The latter price level provides sturdy support as this is also where the 200-day moving average lies.

As with all analyses of ChainLink, traders and investors are advised to use stop losses and low leverage when trading LINK on the various derivatives platforms.

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ChainLink (LINK) Losing its $8.80 Support Opens the Doors to $7 - Ethereum World News