{"id":22623,"date":"2023-07-31T19:07:01","date_gmt":"2023-07-31T19:07:01","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/top-analyst-on-what-next-for-link\/"},"modified":"2023-07-31T19:07:01","modified_gmt":"2023-07-31T19:07:01","slug":"top-analyst-on-what-next-for-link","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/top-analyst-on-what-next-for-link\/","title":{"rendered":"Top analyst on what next for LINK"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676573458312-d2a35d56-ef24-40eb-ab5a-913d9f4bd40f-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676573458312-d2a35d56-ef24-40eb-ab5a-913d9f4bd40f-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676573458312-d2a35d56-ef24-40eb-ab5a-913d9f4bd40f-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676573458312-d2a35d56-ef24-40eb-ab5a-913d9f4bd40f-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Chainlink (LINK) traded to highs of $8.44 before retreating amid broader market uncertainty.<\/li>\n<li dir=\"ltr\">A top crypto analyst says LINK seeing a weekly close below the macro downtrend line portends fresh losses.<em>\u00a0<\/em><\/li>\n<li dir=\"ltr\">The \u201cMacro Breakout is postponed\u201d the analyst noted on Monday.\u00a0<\/li>\n<\/ul>\n<p dir=\"ltr\">Chainlink posted an impressive run in the week of July 13-21, notching a +20% gain in a single day on July 20 as it hit a three-month high of $8.44. On-chain volume spiked to over $347 million as traders poured into the altcoin amid positive network developments.<\/p>\n<h2 dir=\"ltr\">Chainlink price analysis<\/h2>\n<p dir=\"ltr\">LINK bulls appeared to be on the way to retesting a key technical level just under $10, with price poised to break a multi-year macro downtrend.\u00a0<\/p>\n<p dir=\"ltr\">Crypto analyst Rekt Capital highlighted this on Friday, identifying a potential weekly close above the macro downtrend line as a likely indicator of bullish strength.<\/p>\n<p dir=\"ltr\">As can be seen in the chart below, Chainlink price has recoiled from the crucial hurdle with a weekly close below. According to the analyst, the scenario where the would-be macro breakout has fizzled out (at the moment.)<\/p>\n<p dir=\"ltr\">\u201c<em>$LINK has ultimately performed its new Weekly Close below the Macro Downtrend. As a result, the Macro Breakout is postponed. Unless #LINK is able to reclaim this Macro Downtrend as support, price is positioning itself up for a rejection from here<\/em>,\u201d Rekt Capital <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1686074433058799616\" rel=\"noopener noreferrer\" target=\"_blank\">shared<\/a> on X (fka Twitter).<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/06\/31\/1690829774163-6ef3c126-c8e6-4674-89b6-a210176ef75b.jpg\" style=\"width: 600px\" class=\"fr-fic fr-dib\" width=\"600\" height=\"423\"\/><em>Chainlink weekly price chart showing LINK new weekly close. Source: Rekt Capital.<\/em><\/p>\n<p>LINK currently trades near $7.60, largely flat in the past 24 hours. Investors have seen gains recorded over the past week cut to just 1%. LINK\/USD is up 20% in the past 30 days.<\/p>\n<p dir=\"ltr\">If prices fall below $7.00, the next major support zone could be around $5.00. On the upside, $8.50 and $10 are key supply zones.\u00a0<\/p>\n<p dir=\"ltr\">Here\u2019s something else the analyst points out about Chainlink price performance.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In the end <a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LINK<\/a> Weekly Closed below its Range High resistance just like it did many times in the past<\/p>\n<p>And so this <a href=\"https:\/\/twitter.com\/hashtag\/LINK?src=hash&amp;ref_src=twsrc%5Etfw\">#LINK<\/a> bounce may be a relief rally to confirm the Range High as resistance<\/p>\n<p>If that&#8217;s the case LINK could drop lower in this black-black range<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw\">#Chainlink<\/a> <a href=\"https:\/\/t.co\/yKlMNiPkqE\">pic.twitter.com\/yKlMNiPkqE<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1686083230837964802?ref_src=twsrc%5Etfw\">July 31, 2023<\/a><\/p>\n<\/blockquote>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/chainlink-price-prediction-heres-what-top-analyst-says-about-link\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Chainlink (LINK) traded to highs of $8.44 before retreating amid broader market uncertainty. A top crypto analyst says LINK seeing a weekly close below the macro downtrend line portends fresh losses.\u00a0 The \u201cMacro Breakout is postponed\u201d the analyst noted on Monday.\u00a0 Chainlink posted [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22623"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22623"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22623\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22624"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}