A renowned crypto strategist has recently put Chainlink (LINK) under the microscope, suggesting potential upward momentum. Kevin Svenson, who boasts a following of 70,700 YouTube enthusiasts, believes that Chainlink might soon see the end of its prolonged downward stride. Significantly, this assumption comes after LINK surpassed a pivotal long-term marker.
Svenson elaborates, “We’ve ascended above the 500-day SMA, which is the longest moving average we’ve observed. This crossover by Chainlink is telling. Typically, transcending these extensive SMAs indicates an overarching shift in dynamics.”
Besides this, Svenson interprets Chainlink’s current movement as a preliminary reversal signal. Consequently, he speculates a situation where this Ethereum (ETH)-anchored altcoin retains its optimistic vigor in the imminent future, soaring towards its overarching resistance. However, Svenson remarks that LINK probably requires an extended period before genuinely adopting a bullish demeanor.
He states, “Currently, the macro slipping resistance level is approximately $10.90. Therefore, the zone sparking curiosity ranges from roughly $10.13 to a rounded $11. Expectations would align with an evaluation around the $11 mark in a potential surge. If Chainlink surpasses this resistance, it’s plausible it might retrace to assess lower levels, eventually breaking out at a subsequent time.”
Chainlink’s value is $7.32, marking a 2% dip over the past day. Hence, while the immediate market shows a minor decline, Svenson’s analysis provides hope for LINK enthusiasts eagerly awaiting a market turnaround. However, as with any market speculation, it’s essential to approach cautiously and research.