Chainlink (LINK) Retests Support The Same As in 2021, But “Probably” With The Same Effect

Crypto analyst Rekt Capital sheds light on Chainlink’s (LINK) recent price action, emphasizing a crucial observation from the chart. The most noteworthy takeaway? Chainlink has been consistently and successfully retesting the red region as a support level.

Drawing parallels with early 2021, where such retests were swift, the current trend suggests a more prolonged retest this time. Despite the extended duration, the anticipated outcome remains bullish—an upward trajectory in price.

Revisiting Historical Retests

The analyst notes similarities with the past, particularly the quick retest in early 2021. While the current retest is unfolding at a more measured pace, Rekt Capital anticipates a comparable impact—a potential upward surge in Chainlink’s value.

In a separate analysis, crypto analyst David underscores the significance of Chainlink’s price dynamics, questioning the potential for a breakout. David draws attention to the daily chart, emphasizing the resemblance to patterns seen in prior breakout scenarios.

The rhetorical query posed by David is straightforward: How else is this trend expected to break if not with a move into the $20s?

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David’s analysis centers on the daily chart, which evidently mirrors patterns observed before significant price movements. The reference to a potential breakout into the $20s suggests a specific price target that aligns with the historical context of Chainlink’s price performance.

In summary, both Rekt Capital and David present insightful perspectives on Chainlink’s chart, offering nuanced analyses that provide the crypto community with valuable insights into the potential future movements of this prominent cryptocurrency.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency