Could Chainlink Flash Crash Like Before?
Altcoin Newsletter #298. Features analysis on Altcoins such as LINK AVAX LTC ONDO XLM SOL
Welcome to the Rekt Capital Newsletter, a resource for investors who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.
In today’s Altcoin newsletter I cover the following Altcoins – specifically:
- Chainlink (LINK)
- Avalanche (AVAX)
- Litecoin (LTC)
- Ondo (ONDO)
- Stellar (XLM)
- Solana (SOL)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Chainlink - LINK/USDT
Chainlink has rejected from the blue resistance, meaning that price failed to resynchronise with the blue-blue Macro Range above.
As a result, price will now try to build a base at this orange historical demand zone.
In saying that, the retesting of this zone has tended to be quite volatile, with downside wicks below the orange area and even as low as the black horizontal below all taking place.
Volatile retesting of this orange area is therefore a distinct possibility going forward, but major downside wicks into the black level are on the lower end of the probability spectrum.
That said, if for example LINK were to Monthly Close below the orange area and turn it into new resistance in much of the same fashion that it did earlier this year, then revisiting the black level for a retest would actually become a likely scenario.
The upcoming Monthly Close will therefore be a key part of the confirmation process as it will demonstrate how well this orange area is solidifying as a support.
The retest of the orange region is in progress and price will need to showcase signs of emerging strength while it attempts to stabilise here.