A closely watched crypto trader says Chainlink (LINK), one of the largest blockchain oracle providers, could be in for a major correction.
Pseudonymous trader and analyst Rekt Capital tells his 371,000 followers on social media platform X that to move higher, LINK needs to close above the $14.70 level.
“Chainlink needs a similar weekly close as early 2021 to move higher.
Right now, price is struggling to break the top of the red box, which could act as resistance on a bounce soon.
Need to regain the top of the red box to move up.”
At the time of writing, LINK is trading at $14.60, which is just slightly below the trader resistance level.
Rekt is also looking at the decentralized data service Ocean Protocol (OCEAN), which, like LINK, may encounter macro resistance.
The trader says a monthly close above the $0.47 level would indicate OCEAN has further to go.
“The month-end close is coming soon and OCEAN is in the high resistance (red) range.
Monthly close above red = bullish.
Otherwise, any dip in the green region would be a retest of the low range and some consolidation within the green-red range.”
At the time of writing, OCEAN is trading at $0.44.
Looking at interoperability chain Polkadot (DOT), Rekt Capital says the altcoin is inches away from a brand new longer-term uptrend as it slowly breaks above its downside resistance above $5.
“Polkadot is about to confirm a new macro uptrend.”
At the time of writing, DOT is worth $5.29.
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Generated image: Midjourney