Ethereum

Shift

Kevin

Chainlink

<div class="dailyhodl"> 
 <p>A closely followed crypto strategist believes that the decentralized oracle network Chainlink (LINK) is poised for continued rallies.</p> 
 <p>In a new video, analyst Kevin Svenson tells his 70,700 YouTube subscribers that LINK may be on the verge of reversing its multi-year downtrend after moving above a key long-term indicator.</p> 
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">    
 </div> 
 <p><em>“We also have the 500-day SMA (simple moving average). This is the longest moving average that we have just recently crossed above. Chainlink is breaking the 500-day SMA. Getting above these longer-term SMAs is usually a sign of a macro shift taking place.”</em></p> 
 <p>With Chainlink flashing a potential reversal signal, Svenson says that he sees a scenario where the Ethereum (ETH)-based altcoin sustains its bullish momentum in the short term and rallies toward its macro resistance. However, the analyst notes that LINK likely needs more time before entering bull territory.</p> 
 <p><em>“</em><em>And this macro downward slipping resistance line comes in at about $10.90 right now. So the area of interest comes in from about $10.13 to about $11 to give it a whole number.</em></p> 
 <p><em>In a breakout scenario, you’re looking for something along these lines, a test up here [at $11].</em></p> 
 <p><em>It’s very likely that if we do get that high, which is the higher end of the range here on a breakout, if we do actually exceed the resistance and break here, it’s likely that Chainlink is going to end up coming back down to retest lower levels before breaking out at a later date.”</em></p> 
 <figure id="attachment_260715" aria-describedby="caption-attachment-260715" style="width: 100%" class="wp-caption aligncenter">
  <img decoding="async" class="wp-image-260715 size-full" src="https://cdn.thebittimes.com/images/2023/09/28/e93b47b4747cc2be6cf87e14a87b0676.webp" alt="" width="932" height="636" srcset="https://cdn.thebittimes.com/images/2023/09/28/e93b47b4747cc2be6cf87e14a87b0676.webp 932w, https://cdn.thebittimes.com/images/2023/09/28/e93b47b4747cc2be6cf87e14a87b0676.webp?resize=300,https://cdn.thebittimes.com/images/2023/09/28/e93b47b4747cc2be6cf87e14a87b0676.webp 300w, https://cdn.thebittimes.com/images/2023/09/28/e93b47b4747cc2be6cf87e14a87b0676.webp?resize=768,https://cdn.thebittimes.com/images/2023/09/28/e93b47b4747cc2be6cf87e14a87b0676.webp 768w, https://cdn.thebittimes.com/images/2023/09/28/e93b47b4747cc2be6cf87e14a87b0676.webp?resize=750,https://cdn.thebittimes.com/images/2023/09/28/e93b47b4747cc2be6cf87e14a87b0676.webp 750w" sizes="(max-width: 932px) 100vw, 932px">
  <figcaption id="caption-attachment-260715" class="wp-caption-text">
   Source: Kevin Svenson/YouTube
  </figcaption>
 </figure> 
 <p>At time of writing, LINK is worth $7.32, down over 2% in the last 24 hours.</p> 
 <div class="video-container">
  <iframe title="YouTube video player" src="https://www.youtube.com/embed/4bcu2v8tXFA?si=FvJSxDzibHfz-4HD" width="560" height="315" frameborder="0" allowfullscreen></iframe>
 </div> 
 <p><span style="color: #ffffff;">I</span></p> 
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/crypto-analyst-predicts-breakout-rallies-for-chainlink-says-macro-shift-happening-for-link-here-s-his-target-tbt64266.html">https://thebittimes.com/crypto-analyst-predicts-breakout-rallies-for-chainlink-says-macro-shift-happening-for-link-here-s-his-target-tbt64266.html</a></p>

Crypto Analyst Predicts Breakout Rallies for Chainlink, Says Macro Shift Happening for LINK – Here’s His Target

TheBitTimes

Other articles published on Sep 28, 2023

Marathon Digital’s failed Bitcoin mining experiment sparks share price drop

Unlocking the Future of Crypto: BTCBullDog Finance Leads the Way

The end of BitBoy wasn’t televised — it was livestreamed

How Much Ethereum is There?

XRP’s Descending Channel Projection: $2 Target Amid Resilient Market Activity

Bitcoin Price to the Moon? US Government Shutdown Could Trigger Bull Rally

Join our free newsletter for daily crypto updates!