Chainlink’s Bullish Trend at Risk as Support Level Tested
A well-known crypto analyst warns that Chainlink (LINK), an Ethereum-based altcoin, is on the verge of turning bearish. The pseudonymous strategist, Rekt Capital, emphasizes that Chainlink must hold a crucial support level of approximately $13.57 to sustain its uptrend. He explains that if the cryptocurrency fails to rebound from this level, it could trigger a bearish bias and transform the previous support into new resistance.
Possible Bitcoin Retracement Ahead of Halving Event
Rekt Capital also analyzes Bitcoin’s price patterns and suggests that the leading cryptocurrency may experience a retracement of up to 40% before its scheduled halving event in April. He points out that historical data indicates a pre-halving rally typically follows a price retracement. Additionally, he highlights that there tends to be a pre-halving retrace a few weeks before the event itself. Based on past occurrences, Rekt Capital speculates that a deep retrace of around 40% could happen in the future.
Current Crypto Prices
At present, Chainlink is trading at $13.53, showing a slight decrease in the last 24 hours. Meanwhile, Bitcoin is priced at $46,804, with an almost 4% increase within the same timeframe.
Hot Take: Chainlink and Bitcoin Face Critical Moments
Chainlink and Bitcoin are currently at critical junctures in their respective price movements. Chainlink’s ability to hold its support level will determine whether it continues its bullish trend or flips bearish. On the other hand, Bitcoin’s upcoming halving event presents the possibility of a significant price retracement before a potential rally. Both scenarios highlight the importance of monitoring these cryptocurrencies closely as they navigate crucial moments in their market trajectories.
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