Blockchain News

Chainlink (LINK) Predicted to Witness Upward Momentum, Says Crypto Expert

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.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.