According to renowned cryptocurrency analyst Rekt Capital, Chainlink, a decentralized oracle network, exhibits intriguing market behavior. The analyst has been closely observing Chainlink’s price movements, noting a potential formation of a triangular market structure within its macro range.
Chainlink oscillates within a defined macro range, marked by significant highs and lows. Rekt Capital has highlighted the development of higher lows and lower highs within this range, suggesting a consolidation phase for Chainlink. This consolidation indicates a compression in market structure, a phenomenon often preceding significant price movements.
$LINK
— Rekt Capital (@rektcapital) September 26, 2023
By now, we're familiar with the Chainlink Macro Range (black-black)
But what if Chainlink is beginning to compress in its consolidation to form a triangular market structure within that range?
Higher Low & Lower Highs may be developing here#LINK #Crypto #Chainlink https://t.co/w1FslG7O4G pic.twitter.com/7tWiUBKVUf
Moreover, Chainlink has demonstrated resilience, rallying by 28% after rebounding robustly from the range of low support. This rally is a testament to the inherent strength and investor confidence in Chainlink, positioning it favorably to revisit its range-high resistance over time. The analyst believes that sustained price stability at this juncture could pave the way for a retest of the range high, offering a glimpse into Chainlink’s future trajectory.
However, Chainlink faced rejection at its range high resistance, leading to a 31% crash into the range low support. Despite this setback, Chainlink has managed to hold its ground, maintaining support at the range low. This stability is crucial for Chainlink’s prospects, as it could set the stage for another attempt to breach the range’s high resistance.
Additionally, Chainlink has managed to rally by 32% since its support at the range low, aligning with Rekt Capital’s observations and predictions. This is significant, as it underscores the potential for Chainlink to continue its upward trajectory, possibly revisiting and even breaking through the high resistance range.
In the past 24 hours, LINK has exhibited bullish sentiment, where the token has recorded a price increase of 5.22% and is currently being traded at $7.77. Chainlink’s trading volume has increased by 17.38%, currently at $281,768,108. This increase in LINK trading volume suggests that the current bullish sentiment might continue in the Chainlink market in the hours ahead.
