Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
A prominent cryptocurrency analyst has recently examined Chainlink (LINK), indicating possible upward movement. Kevin Svenson, who has an audience of 70,700 YouTube followers, suggests that Chainlink may be nearing the conclusion of its extended downtrend. Notably, this perspective arises after LINK exceeded a key long-term benchmark.
Svenson explains, “We’ve moved above the 500-day SMA, which is the longest moving average we’ve tracked. This crossover by Chainlink is significant. Generally, surpassing these long-term SMAs signifies a broader shift in trends.”
Related Posts
In addition, Svenson views Chainlink’s current trajectory as an initial reversal indicator. Therefore, he envisions a scenario where this Ethereum (ETH)-tied altcoin maintains its positive momentum in the near future, climbing toward its major resistance. Nevertheless, Svenson notes that LINK likely needs a longer duration before truly adopting a bullish stance.
He mentions, “At present, the macro resistance level is about $10.90. Thus, the area generating interest lies between approximately $10.13 and $11. Expectations would be for an assessment around the $11 level in a possible rally. Should Chainlink break through this resistance, it could retreat to evaluate lower levels, eventually breaking out later.”
Chainlink’s price is $7.32, reflecting a 2% decrease over the last 24 hours. Therefore, while the current market indicates a slight downturn, Svenson’s insights offer optimism for LINK supporters eagerly anticipating a market rebound. However, as with any market speculation, it’s vital to proceed with caution and conduct thorough research.
The post Chainlink (LINK) Predicted to Witness Upward Momentum, Says Crypto Expert appeared first on BitcoinWorld.
