Scalpers Rejoice! Top Analyst Predicts Chainlink (LINK) Short-Term Surge

Christian Encila

1 year ago

3 mins read

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Lots of people are talking about Chainlink (LINK) after a famous bitcoin expert made a negative prognosis. While LINK is expected to continue its downward trend in the coming days, a new analysis by CryptoWzrd suggested a potential “scalping” opportunity for agile traders.

Scalping is a high-frequency trading tactic in which investors profit from little price swings over a short period. CryptoWzrd thinks that such strategies find an entrance in the present bearish trend in LINK. Before suggesting a scalp, the analyst underlined, nevertheless, the need of a significant trade indication.

Said the analyst in his prognosis, the next major movement up from this level will be a major indication for the market as a whole and LINK especially. The crypto community has been rocked by this cryptic message; traders are keen to know what CryptoWzrd will do next.

LINK Daily Technical Outlook:$LINK closed bearish today and the next move from the current location will lead the way. I will be looking to get a quick scalp once there is a quality trade setup 🧙‍♂️ pic.twitter.com/OIWSBqxGJM

— CRYPTOWZRD (@cryptoWZRD_) June 8, 2024

Analyst Evaluates Market Trends And Trajectories

His analysis has garnered significant attention, especially from aggressive traders seeking a competitive advantage in the infamously unpredictable bitcoin market. His focus on short-term trends and scalping opportunities will appeal to those who prefer a hands-on approach over buy-and-hold strategies.

The analyst’s focus on rapid scalps underlines the erratic character of the bitcoin market. Unlike conventional investments, cryptocurrencies can show notable price swings in minutes, which makes them perfect targets for scalpers with sharp reflexes and strong knowledge of technical indicators.

LINK market cap currently at $9.4 billion. Chart: TradingView.com

Chainlink 200-Day SMA Projected For Growth

Technical analysis indicates that while the short-term 50-Day SMA will close at $18.14 on the same day, Chainlink’s 200-day Simple Moving Average (SMA) will rise in the next 30 days and close at $17.05 on July 9, 2024.

Moreover, at 45.80 the Relative Strength Index (RSI) is neutral. The RSI claims that Chainlink is in a neutral market right now, meaning the bitcoin is neither overbought (above 70) nor oversold (below 30).

LINK Price Forecast

LINK‘s current projection shows a possible 32% price rise that would get the price to $21.53 on July 9, 2024. This positive view stands in spite of the present negative attitude shown by the technical view.

Standing at 75 (Greed), the Fear & Greed Index shows a strong degree of investor confidence, usually connected with a phase of a bullish market. But the juxtaposition between a greedy market attitude and bearish technical indications draws attention to a difference investors should approach carefully.

Featured image from Pexels, chart from TradingView

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.

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.