Chainlink Price Stuck in Limbo as Macro Trends Weigh, Should Investors Wait for LINK to Dump?
Chainlink remains stuck bouncing between key support and resistance levels, according to analyst Rekt Capital, creating uncertainty around ideal accumulation strategies.
In a potential worst-case scenario, Rekt outlines how Link could continue directionless rangebound action before revisiting the ~$5.50 zone, which aligns with macro-downtrend support.
This raises the dilemma of whether investors should anticipate lower levels before building positions. Trying to time perfectly could mean missing the upside if range resistance gives way. But buying near $8 while Link bleeds lower also carries risks.
The crux is determining whether Chainlink’s strong fundamentals can override weakening macro trends. Its pivotal role in an expanding Web3 ecosystem may spark a breakout despite Bitcoin’s bear market. Still, deeply oversold conditions could lead to a final capitulation-like washout.
For conservative investors, a measured approach of partial accumulation combined with limit buy orders at deeper levels may be prudent. But for advocates who remain highly convicted of Link’s long-term utility, its currently lagging price could offer an opportunity.
Of course, attempting to predict the murky bottoms of a bear market is generally ill-advised. What is certain is that Chainlink remains stuck between a rock and a hard place until decisive movements materialize.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
