Crypto analyst Rekt Capital is sounding the alarm for an Ethereum-based altcoin, Chainlink (LINK), suggesting a possible nosedive after breaching a crucial level. With a follower base 384800 on the social media platform X (Twitter), Rekt Capital observes that LINK has fallen below the diagonal support in an ascending channel chart pattern.
The analyst highlights the significance of LINK holding its immediate support at approximately $13.50 to avert a more pronounced corrective downturn. He notes that LINK’s rejection from the structure’s base confirms the breakdown from the blue market structure, indicating a potential descent to the bottom of the red area, emphasizing the need to sustain support to avoid the extended downside.
Rejected from the base of the structure
This means that the breakdown from the blue market structure has been confirmed
As a result, #LINK will probably trend to the bottom of the red area once again
Needs to hold there to avoid a period of downside#Crypto #Chainlink https://t.co/dKZhFvuA5r pic.twitter.com/CSSg9afpDa
— Rekt Capital (@rektcapital) January 6, 2024
Furthermore, as of the latest update, LINK is $13.16 USD, with a 24-hour trading volume of $314,625,087 USD. We update our LINK to USD price in real-time. Chainlink is down 2.45% in the last 24 hours. It has a circulating supply of 568,099,970 LINK coins and a max. Supply of 1,000,000,000 LINK coins.
Rekt Capital Signals Strong Support Breakout
Shifting focus to Bitcoin (BTC), Rekt Capital anticipates a parabolic surge in 2024 following the halving event slated for April. The halving, a periodic occurrence that halves BTC miners’ rewards, historically aligns with bullish runs for Bitcoin.
According to Rekt Capital, BTC’s current technical position suggests a pre-halving correction is approaching its conclusion, followed by a pre-halving rally, a dip pre-halving, post-halving re-accumulation, and ultimately a parabolic post-halving upswing. The analyst underscores that Bitcoin has effectively converted the top of its trading range into support, laying the groundwork for an upward move beyond $45,000.
Bitcoin’s current price is $43,716.97 USD, with a 24-hour trading volume of $19,780,457,328 USD. Bitcoin is down 0.90% in the last 24 hours. It has a circulating supply of 19,592,475 BTC coins and a max. Supply of 21,000,000 BTC coins. Rekt Capital emphasizes the importance of sustained momentum and follow-through for Bitcoin’s continued positive trajectory.
Moreover, the breakout and successful retesting of the pattern’s top positions in Bitcoin are confirmed, fueling anticipation among market observers. They are now eager to witness how the cryptocurrency will perform in the future for potential trend continuation.
Related Reading | Bitcoin ETF Buzz: Social Media Speculation Sparks Market Frenzy
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