Future

Resistance

Chainlink

Rekt

<p>Chainlink’s LINK token has been on an impressive run over the past several weeks, surging 133% from below $5. However, <a href="https://twitter.com/rektcapital/status/1717193829852295361" target="_blank" rel="noopener noreferrer nofollow">according</a> to expert analyst Rekt Capital, LINK now faces one final test as it approaches a major historical resistance level.</p>
<h2 class="wp-block-heading" id="breakout-from-months-long-consolidation">Breakout from Months-Long Consolidation</h2>
<p>After being range-bound for nearly 5 months, LINK finally broke out about a week ago. Since then, the price has continued climbing, moving from below $9 to just under $12 at the time of writing.</p>
<p>As Rekt Capital summed it up, <em>“Chainlink is killing it.”</em> This powerful breakout comes after a prolonged period of consolidation between $5-$9.</p>
<h2 class="wp-block-heading" id="last-major-monthly-downtrend-awaits">Last Major Monthly Downtrend Awaits</h2>
<p>However, Rekt Capital cautions that LINK is now approaching <em>“an area of historical resistance, confluent with the Monthly Macro Downtrend.”</em> This represents the final major downtrend for LINK on the monthly timeframe.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="689" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-1024x689.png" alt="" class="wp-image-365357" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-1024x689.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-300x202.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-768x517.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-1536x1034.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-2048x1379.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-223x150.png 223w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-520x350.png 520w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710-788x530.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-710.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>While some rejection of this level could occur in the short-term, Rekt Capital notes this barrier should eventually give way: “No doubt Chainlink will break this one over time as well.”</p>
<h2 class="wp-block-heading" id="decisive-move-could-set-future-trajectory">Decisive Move Could Set Future Trajectory</h2>
<p>In short, LINK faces a decisive test as it confronts this last monthly downtrend line and historic resistance zone. A convincing break above this barrier could pave the way for significantly more upside. But if LINK sees rejection here in the short-term, that could lead to a pullback before another attack on this critical overhead resistance.</p>
<p>Either way, LINK remains in a clear uptrend after breaking its multi-month consolidation. Overcoming the final monthly barrier ahead could mark a major milestone for the cryptocurrency.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/expert-says-chainlink-is-killing-it-as-link-faces-final-major-resistance/">Expert Says ‘Chainlink Is Killing It’ as LINK Faces Final Major Resistance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Expert Says ‘Chainlink Is Killing It’ as LINK Faces Final Major Resistance

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