Crypto Analyst Forecasts Breakout Rallies for Chainlink, Highlights Macro Shift for LINK – Reveals Target

A highly regarded crypto strategist suggests that the decentralized oracle network Chainlink (LINK) is set for sustained upward momentum.

In a recent video, analyst Kevin Svenson, addressing his 70,700 YouTube subscribers, suggests that Chainlink (LINK) might be on the brink of reversing its multi-year downtrend, especially after crossing above a significant long-term indicator—the 500-day Simple Moving Average (SMA). Svenson points out that breaching the 500-day SMA is indicative of a potential macro shift in the market.

With Chainlink showing signs of a possible reversal, Svenson envisions a scenario where the Ethereum (ETH)-based altcoin sustains its bullish momentum in the short term, potentially rallying towards its macro resistance. However, he cautions that LINK may require additional time before entering a full-fledged bullish territory.

Svenson highlights the macro downward slipping resistance line, currently around $10.90, identifying the area of interest between approximately $10.13 and $11, encompassing a whole number. In a breakout scenario, he outlines the potential for a test around $11. While expressing optimism about a breakout, Svenson anticipates the likelihood of Chainlink retracing to lower levels before experiencing a breakout at a later date if it surpasses the resistance.

Source: Kevin Svenson/YouTube

At time of writing, LINK is worth $7.32, down over 2% in the last 24 hours.

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Sep 28, 2023

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