In a noteworthy turn of events, a prominent crypto trader has issued a cautionary note regarding Chainlink (LINK), a leading blockchain oracle provider, suggesting the possibility of a significant correction. The pseudonymous trader, operating under the name Rekt Capital, shared insights with a substantial following on the X social media platform.
Rekt Capital emphasizes the crucial importance of LINK closing above the $14.70 level for a potential upward momentum. Presently, LINK is teetering at $14.60, a fraction below the specified resistance level.
The trader also delves into the prospects of Ocean Protocol (OCEAN), a decentralized data service akin to LINK, facing potential resistance. Rekt Capital underscores that a monthly close above $0.47 for OCEAN would signify a bullish trajectory, with any dips into the green region considered as a retest of the range low.
Simultaneously, the trader analyzes the interoperability chain Polkadot (DOT), stating that it is on the verge of confirming a new longer-term uptrend as it gradually surpasses the $5 mark. As of now, DOT is valued at $5.29.
These analyses come against the backdrop of a recent surge in the crypto market triggered by a false filing of an XRP spot ETF by BlackRock. This misinformation has led to a slight dip in various cryptocurrencies, including Chainlink. However, the overall sentiment towards LINK remains optimistic due to its role in connecting diverse blockchains and banking systems.
Chainlink, originally recognized as the Oracle of Oracles, has evolved beyond ensuring price accuracy in decentralized applications (dApps). With the introduction of Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the platform can now seamlessly connect different blockchains, services, and notably, banks, facilitating the easy trading of real-world assets (RWA).
