Renowned crypto analyst and technical expert Rekt Capital (@rektcapital) has suggested on Twitter that Chainlink’s native token ($LINK) could be bucking a long-standing downward trend within its current trading range.
In recent days, Chainlink has faced rejection at the red diagonal resistance and the black Range High, according to the Twitter analysis. As a consequence, $LINK is predicted to continue staying within its black-black range.
However, the widely followed trader hinted at an intriguing development. Rekt Capital pointed out that there’s a case to argue that $LINK is actually breaking its multi-month downtrend within this range. The crypto token appears to be retesting it as support, in particular as we move into August.
One significant resistance that $LINK needs to overcome is the Range High, seen by many as a major monthly hurdle. Despite this, the recent development paints an interesting picture for the future of Chainlink.
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Show more +Notably, if this multi-month downtrend holds as support, it could potentially keep $LINK from dropping to lower prices within the stated range. This could prove crucial in maintaining the token’s momentum in the volatile crypto market.
Rekt Capital is widely recognized for his technical analysis skills, often providing deep-dive insights into various cryptocurrencies. His comments on Chainlink underline the continuing potential of the token, even in the face of adversity.
Chainlink is a decentralized oracle network that connects smart contracts on its platform to verifiable data hosted by nodes on the network. Its native cryptocurrency token, $LINK, is used to pay node operators for retrieving data for the platform.
Crypto enthusiasts will be keeping a keen eye on this evolving scenario, as Chainlink may be poised to break its long-term trend within its current range.
For more updates and insightful analyses, stay tuned to our cryptocurrency coverage.
