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And have withdrawn a total of 755,687 $LINK ($5.08M) so far.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