A crypto currency analyst closely followed in the markets discussed the recent movements of Chainlink (LINK) while analyzing Bitcoin (BTC). The analyst shared a detailed analysis of LINK with his followers and reported possible scenarios for the altcoin in the near future.
Crypto analyst known as Rekt Capital claimed on social media platform X that BTC’s current price point serves as a “reflection point” for the leading cryptocurrency in terms of market value. The senior analyst said the following in his statements:
BTC is currently serving as a rejection point. Worth keeping an eye on.
In the latest issue of the investor’s altcoin newsletter, Rekt Capital shared the situation of Chainlink’s recent price movements, which resulted in a 44% increase since mid-August, mostly depicted in charts as a “short story”. The analyst stated the following about the matter:
Here’s a short story about Chainlink… LINK then followed the path of decline… Then it recovered strongly from the low range before embarking on a journey to revisit the high range resistance…
According to the expert analyst, although LINK has not yet broken the macro downtrend, its price is currently in a good position to close the week above the trend line. The analyst suggested that such a closing would likely be retested, leading to an upward movement for LINK. In his final remarks, the expert emphasized the following:
A successful retest of the downtrend will likely boost prices to revisit the High level of the macro range once again. However, LINK can only confirm a breakout from its macro range by successfully retesting the high range resistance as a weekly close and support.