Chainlink: Analyst’s Vision Of A 20% Rally And How It Could Happen

Christian Encila

1 year ago

4 mins read

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Chainlink (LINK) has caught the attention of crypto analyst Rekt Capital, who has offered an optimistic outlook for LINK. In a new price prediction, he suggested that the decentralized oracle network is on the verge of a significant recovery.

Rekt Capital, a prominent figure in the crypto community, took to the social media platform X to share insights on Chainlink’s recent performance. According to the analyst, LINK has shown resilience by respecting its range-high resistance, a crucial milestone following its notable surge in price back in July. This achievement has ignited hopes of a sustained upward trajectory.

Despite its promising trajectory, LINK has experienced some fluctuations in recent weeks. The cryptocurrency dropped to a recent low of $5.76, a level that Rekt Capital points out as being close to the asset’s range-low support.

However, Chainlink seems to be regaining its footing, with its current price sitting at $6.81 according to CoinGecko, marking a 1.2% increase in the last 24 hours and an impressive seven-day rally of 15.5%. These positive indicators have fueled anticipation within the crypto community.

$LINK has rejected from its Range High resistance

Price is down -13% since then

But if #LINK were to drop into the Range Low support…

Price would need to drop an additional -20% to the downside#Crypto #Chainlink pic.twitter.com/GS3C2IYeiw

— Rekt Capital (@rektcapital) August 4, 2023

A Bullish Prediction For Chainlink

Rekt Capital’s analysis doesn’t stop at the current price trends. The crypto analyst predicts that Chainlink “should be able to revisit the range-high resistance,” which is situated at around $8.186. If this prediction holds true, it would represent an additional 20.5% increase from the current price, promising further gains for LINK holders.

This price surge coincides with a notable uptick in Chainlink’s Relative Strength Index (RSI), which, as of the latest analysis, stands above 60. An RSI above 60 indicates a robust bullish trend in the market.

Moreover, Chainlink’s price has climbed above the short-term Moving Average, previously acting as a resistance level. It is also approaching a position where it may surpass the long-term Moving Average, signaling potential for sustained upward movement.

Chainlink (LINK) is currently trading at $6.81. Chart: TradingView.com

Mysterious Wallet Activity

Intriguingly, recent wallet activity has garnered significant attention in the Chainlink ecosystem. Data from Lookonchain reveals that over 35 new LINK addresses were established just three days ago. These newly created addresses have started withdrawing LINK tokens from Binance (BNB), with a cumulative withdrawal exceeding 755,000 LINK tokens, valued at over $5 million.

We noticed that ~35 fresh wallets created 3 days ago started withdrawing $LINK from #Binance today.

And have withdrawn a total of 755,687 $LINK ($5.08M) so far.

Are there whales accumulating $LINK? pic.twitter.com/IYte19TmTE

— Lookonchain (@lookonchain) September 19, 2023

The motive behind these substantial withdrawals remains undisclosed as of now, leaving room for speculation within the crypto community. Some analysts suggest that this activity might indicate a significant accumulation move by a whale investor, potentially adding another layer of intrigue to Chainlink’s evolving narrative.

As Chainlink continues to make strides in the crypto space, investors and enthusiasts will undoubtedly be closely monitoring its progress, hoping that Rekt Capital’s bullish predictions come to fruition. In the ever-volatile world of cryptocurrencies, the only certainty is that surprises are never far behind.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Vecteezy

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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