von • Chainlink (LINK) traded to highs of $8.44 before retreating amid broader market uncertainty.
• Crypto analyst Rekt Capital highlighted a potential weekly close above the macro downtrend line as a likely indicator of bullish strength.
• LINK currently trades near $7.60, largely flat in the past 24 hours with investors seeing gains cut to just 1%.
Chainlink Price Prediction
The cryptocurrency 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 and that “the Macro Breakout is postponed” for now.
Recent Performance
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 while on-chain volume spiked to over $347 million as traders poured into the altcoin amid positive network developments.
Technical Analysis
Crypto analyst Rekt Capital identified a potential weekly close above the macro downtrend line as an indicator of bullish strength, however LINK has recoiled from this crucial hurdle with a weekly close below which postpones this scenario for now according to the analyst. At present, LINK trades near $7.60, largely flat in the past 24 hours with investors seeing gains cut to just 1%. If prices fall below $7.00, then next major support zone could be around $5.00 while on the upside, analysts identify key supply zones at around $8.50 and $10 respectively.
Conclusion
Overall it appears that LINK price performance continues to be volatile and it remains difficult to predict future price movements without considering wider market factors such as Bitcoin’s own price action and other external events impacting overall investor sentiment towards cryptocurrencies broadly speaking at any given moment in time .
Takeaway
It is important for investors looking into Chainlink or any other cryptocurrency asset class for that matter to remain vigilant when making investment decisions and do their due diligence when assessing risks associated with any given cryptocurrency asset prior to investing capital into such assets directly or indirectly through exposure via derivatives markets such as futures contracts .
