Crypto analyst Ali from @ali_charts has identified a potential upswing for Chainlink ($LINK) based on the TD Sequential indicator.
According to his analysis, $LINK shows a buy signal, suggesting an upturn could occur over the next one to four weeks. Meanwhile, at press time, Chainlink’s price stands at $13.62, marking a slight increase of 2% in the last 24 hours, as per CoinMarketCap data.
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LINK’s Chart Trajectory
Ali’s detailed examination of the Chainlink chart reveals a predominant downward trend, characterized by a series of red candles indicating bearish days. Key resistance and support levels are marked by a blue rectangle, hinting at possible consolidation zones.
Despite the negative trend, there are signs of potential market recovery if $LINK stabilizes within this zone and starts producing more consistent green candles. However, a break below this rectangle could signal further declines.
Contrasting Views on Chainlink’s Future
Contrasting Ali’s optimistic analysis, another crypto commentator, @lewi5, expresses a more cautious stance. He expressed skepticism about Chainlink’s future performance in a tweet. He pointedly criticized Sergey, the founder of Chainlink, for his ongoing sale of $LINK tokens, suggesting this could lead to underperformance.
Additionally,@lewi5 drew a historical comparison to Bitcoin’s situation in 2014 when about 55% of its supply was in circulation, and its price stood at $820. He highlighted Bitcoin’s subsequent rally, achieving a 90-fold increase in value. This comparison serves both as a reminder of potential long-term gains despite current challenges and a critique of the immediate impacts of insider selling on $LINK’s price stability.
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Show more +Market Sentiments and Future Projections
While Ali points to technical indicators that may predict a temporary upswing, the broader sentiment remains wary due to internal factors like significant token sales by insiders. The analysts advice to monitor these developments closely, as they could influence Chainlink’s price trajectory in the coming weeks. Hence, LINK’s market presents a complex picture with potential for both recovery and further dip.
Read also: Whales Cash In on Tellor (TRB) Price Surge Amid Bullish Market Trends
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