Crypto Analyst Predicts Chainlink Breakout Rallies and Macro Shift
A popular crypto strategist believes that Chainlink (LINK), a decentralized oracle network, is primed for further rallies. According to analyst Kevin Svenson, who has a large following on YouTube, LINK might be on the verge of reversing its multi-year downtrend after surpassing a significant long-term indicator.
Svenson highlights the breakthrough of the 500-day SMA (simple moving average) as a crucial development. Breaking above these longer-term SMAs typically signifies a macro shift in progress. With this potential reversal signal, Svenson envisions a scenario where LINK maintains its bullish momentum in the short term and surges towards its macro resistance.
Resistance Levels and Potential Breakout
Svenson points out that the macro downward slipping resistance line currently stands at around $10.90. Therefore, the area of interest ranges from approximately $10.13 to $11. In a breakout scenario, a test around the $11 level is expected.
However, Svenson cautions that if LINK reaches these higher levels and breaks the resistance, it may retest lower levels before experiencing a breakout at a later date.
Currently, LINK is valued at $7.32, reflecting a decrease of over 2% in the last 24 hours.
Hot Take: Chainlink’s Potential Breakout and Macro Shift
According to crypto analyst Kevin Svenson, Chainlink (LINK) has shown promising signs of reversing its long-term downtrend. The breakthrough of the 500-day SMA indicates a potential macro shift, suggesting that LINK may sustain its bullish momentum and rally towards its macro resistance. However, Svenson advises caution, as LINK might retest lower levels before experiencing a breakout if it surpasses the resistance. With LINK currently valued at $7.32, investors will be keeping a close eye on its price movements to see if it can indeed break out and continue its upward trajectory.
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