LINK Breaks Its Monthly Macro Downtrend, What to Expect Next?

Bits Logics Team . 09th Nov 2023
news-box-alt
  • Crypto analyst tweeted that LINK has broken its monthly macro downtrend. 
  • On the weekly chart, LINK has been making higher highs and higher lows. 
  • The long period of LINK consolidation comes to an end after Chainlink spikes drastically.

Crypto Analyst Rekt Capital stated that LINK had broken the monthly macro downtrend. This downtrend was in play from early 2021 until recent times. LINK has gained more than +200% value since it rose from the $5 support level. 

When looking at the seven-day chart for LINK, the token was gaining value from the onset. LINK was exchanging hands at $11.27 when the markets opened for trading. Just a few hours into the day, the token fell below the opening market price but recovered on the second day. 

LINK/USD 1-Week Chart (Source: CoinMarketCap

Once the LINK bulls charged on the second day there was no turning back. LINK was making higher highs and higher lows continuously. On the seventh day, LINK reached its highest weekly price of $14.93 before retracing by a small margin.  

LINK/USDT 1-Day Chart (Source: Tradingview

The above chart shows that LINK has been consolidated since May 2022 until recently. LINK’s price fluctuated between $5.5 and $9.5. However, after breaking this consolidation pattern, LINK is rising drastically. If the bulls keep pushing LINK further higher, there is a high chance that it could reach $ 18. But if the bears take over the market LINK could look for support at around $13.4. The above-mentioned thesis may be validated since LINK has touched the upper Bollinger band and the market could correct the prices. 

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.