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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Chainlink Enters Bull Territory, Signals Long-Term Uptrend — Crypto Expert

Christian Encila
Christian Encila
1 year ago
3 mins read
Chainlink

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Chainlink (LINK) has been a topic of significant discussion among cryptocurrency enthusiasts lately, particularly after the insights shared by the pseudonymous analyst Rekt Capital on the social media platform X. 

Rekt Capital’s recent statement about Chainlink’s shift into the bull territory following an extended period of sideways movement has captured the attention of market observers. 

$LINK

The Macro Downtrend is over

The Macro Range is over

And a new Macro Uptrend has begun#LINK #Crypto #Chainlink pic.twitter.com/E2VHgclnYL

— Rekt Capital (@rektcapital) November 4, 2023

According to the information provided, the current price of Chainlink stands at $12.86, experiencing a noteworthy 24-hour rally of 5.6% and a seven-day surge of 11.4%. Rekt Capital’s proclamation that “the macro downtrend is over” has sparked optimism among investors, pointing towards a potentially promising future for the cryptocurrency.

One of the key indicators supporting Rekt Capital’s analysis is the notable increase in the number of Chainlink wallets containing a minimum of 1,000 LINK tokens.

The data indicates a substantial surge in the total count of such wallets, marking an all-time high of 27,152. This surge in wallet activity hints at a growing interest in Chainlink, potentially contributing to the cryptocurrency’s recent upward momentum.

Source: Rekt Capital/X

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Chainlink Price Surge And Technical Analysis

A closer examination of the TradingView chart further reinforces the bullish sentiment surrounding Chainlink. The technical analysis chart highlights a remarkable upward trajectory, showcasing Chainlink’s ascent above both the 50-day and 200-day moving averages.

This development serves as a robust signal for the continuation of the current bullish trend. Notably, the fanning out of the moving averages underscores the strength of the ongoing uptrend, instilling further confidence in the cryptocurrency’s performance.

Investors and traders are taking note of these developments, expressing their growing confidence in Chainlink’s potential. The cryptocurrency community’s response to Rekt Capital’s assessment has been largely positive, with many anticipating a sustained upward trajectory for Chainlink in the foreseeable future.

Market sentiment appears to be shifting in favor of Chainlink, with an increasing number of participants viewing it as a lucrative investment option amidst the dynamic landscape of the cryptocurrency market.

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Chainlink Bullish Run: Is $15 On The Horizon Amidst Strong Recovery?

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LINK market cap currently at $7.242 billion on the daily chart: TradingView.com

The Broader Altcoin Market Outlook

Industry experts are closely monitoring the broader altcoin market, with Rekt Capital’s assertion regarding the breakout from the year-long market structure serving as a point of interest.

This shift in market dynamics has garnered attention, prompting further analysis of the potential implications for altcoins beyond Chainlink. The acknowledgment of a new macro uptrend signals a potentially optimistic outlook for altcoins, hinting at the possibility of a more vibrant and dynamic market environment in the coming months.

In light of these recent developments, investors and analysts alike are advised to exercise caution and conduct thorough research before making any investment decisions. While the current market conditions appear favorable for Chainlink, the cryptocurrency landscape remains inherently volatile, necessitating a cautious approach to investment strategies. 

(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 Shutterstock

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Christian Encila
Christian Encila

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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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