Ocean Protocol

Polkadot

Chainlink

Rekt

<div class="dailyhodl">
 A closely followed crypto trader says that top blockchain oracle provider Chainlink (LINK) could be due for a sizeable correction.
 Pseudonymous trader and analyst Rekt Capital tells his 371,000 followers on the social media platform X that in order to move higher, LINK needs to close above the $14.70 level.
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 “Chainlink needs a similar weekly close like in early 2021 to rally higher.
 At the moment, the price struggling to break the top of the red box which may soon act as resistance on a bounce.
 Needs to reclaim the top of the red box to move higher.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_zwyoBXgAAXfH4?format=jpg&amp;name=large" alt="Image" width="1786" height="1266">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 At time of writing, LINK is trading at $14.60 which is just slightly below the trader’s resistance level.
 Rekt is also looking at the decentralized data service Ocean Protocol (OCEAN), which, like LINK, may be coming up against macro resistance.
 The trader says that a monthly close above the $0.47 level would indicate that OCEAN has further to run.
 “Monthly close coming soon and OCEAN is at the range high resistance (red).
 Monthly close above red = bullish.
 Otherwise, any dips into the green region would be a retest of the range Low and part of consolidation within the green-red range.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_zxP8EXQAIWCSl?format=jpg&amp;name=large" alt="Image" width="1786" height="1266">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 At time of writing, OCEAN is trading for $0.44.
 Looking at the interoperability chain Polkadot (DOT), Rekt Capital says the altcoin is inches away from entering a brand new longer-term uptrend as it slowly breaks above its downward resistance above the $5 mark.
 “Polkadot is on the cusp of confirming a new macro uptrend.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_zMy2OWoAAHoTA?format=jpg&amp;name=large" alt="Image" width="1786" height="1266">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 At time of writing, DOT is worth $5.29.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/trader-warns-chainlink-link-at-risk-of-correction-updates-outlook-on-ethereum-based-altcoin-tbt71750.html">https://thebittimes.com/trader-warns-chainlink-link-at-risk-of-correction-updates-outlook-on-ethereum-based-altcoin-tbt71750.html</a>

Trader Warns Chainlink (LINK) at Risk of Correction, Updates Outlook on Ethereum-Based Altcoin

TheBitTimes

Other articles published on Nov 27, 2023

HTX enables deposits and withdrawals after its $30 million hack

Inferno Drainer announces plans to halt its operations

Deciphering Market Trends: Insights on Bitcoin, S&P 500, and US Dollar Index

Bitcoin futures vs. spot price: Monitoring CME for market insights

Binance Plans To Delist BTS, PERL, TORN, and WTC on December 7

Crypto Prices Today: Bitcoin and Pepe Coin Experience Declines Amid LUNC’s Rally

Join our free newsletter for daily crypto updates!