Chainlink (LINK) has been the subject of significant discussion among cryptocurrency enthusiasts recently, especially after the information shared by pseudonymous analyst Rekt Capital on social media platform X.
The recent report from Rekt Capital statement on Chainlink change into bullish territory after a long period of sideways movement has attracted the attention of market observers.
The macro downtrend is over
The Macro range is finished
– Rekt Capital (@rektcapital) November 4, 2023
According to the information provided, the current price of Chainlink stands at $12.86, seeing a remarkable 5.6% rally over 24 hours and an 11.4% rise over seven days. Rekt Capital’s proclamation that “the downward macroeconomic trend is over” has sparked optimism among investors, pointing to a potentially bright future for the cryptocurrency.
One of the key indicators supporting Rekt Capital’s analysis is the notable increase in the number of Chainlink wallets containing a minimum of 1,000 LINK tokens.
The data indicates a substantial increase in the total number of these wallets, reaching an all-time high of 27,152. This increase in wallet activity portends growing interest in Chainlink, potentially contributing to the cryptocurrency’s recent bullish momentum.
Source: Rekt Capital/X
Chainlink Price Rise and Technical Analysis
A closer look at the TradingView Chart further strengthens the bullish sentiment around Chainlink. The technical analysis chart highlights a remarkable upward trajectory, showing Chainlink’s ascent above the 50 and 200 day moving averages.
This development constitutes a strong signal for the continuation of the current upward trend. Notably, the expanding moving averages highlight the strength of the current uptrend, thereby boosting confidence in the cryptocurrency’s performance.
Investors and traders are taking note of these developments and expressing their growing confidence in the potential of Chainlink. The response from the cryptocurrency community to Rekt Capital’s assessment has been largely positive, with many predicting a sustained upward trajectory for Chainlink for the foreseeable future.
Market sentiment appears to be shifting in favor of Chainlink, with a growing number of participants viewing it as a lucrative investment option in the dynamic cryptocurrency market landscape.
LINK market cap currently at $7.242 billion on the daily chart: TradingView.com
The broader outlook for the Altcoin market
Industry experts are closely monitoring the broader altcoin market, with Rekt Capital’s claim of breaking away from the year-old market structure serving as a point of interest.
This change in market dynamics has attracted attention, prompting further analysis of the potential implications for altcoins beyond Chainlink. The recognition of a new macro bullish trend signals a potentially optimistic outlook for altcoins, hinting at the possibility of a more vibrant and dynamic market environment in the months to come.
In light of these recent developments, investors and analysts are advised to exercise caution and conduct thorough research before making any investment decisions. Although current market conditions appear favorable for Chainlink, the cryptocurrency landscape remains inherently volatile, requiring a cautious approach to investment strategies.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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