Lots of people are talking about Chainlink (LINK) after a famous bitcoin expert made a negative prognosis. While LINK is expected to continue its downward trend in the coming days, a new analysis by CryptoWzrd suggested a potential “scalping” opportunity for agile traders.
Scalping is a high-frequency trading tactic in which investors profit from little price swings over a short period. CryptoWzrd thinks that such strategies find an entrance in the present bearish trend in LINK. Before suggesting a scalp, the analyst underlined, nevertheless, the need of a significant trade indication.
Said the analyst in his prognosis, the next major movement up from this level will be a major indication for the market as a whole and LINK especially. The crypto community has been rocked by this cryptic message; traders are keen to know what CryptoWzrd will do next.
LINK Daily Technical Outlook:$LINK closed bearish today and the next move from the current location will lead the way. I will be looking to get a quick scalp once there is a quality trade setup 🧙♂️ pic.twitter.com/OIWSBqxGJM
— CRYPTOWZRD (@cryptoWZRD_) June 8, 2024
Analyst Evaluates Market Trends And Trajectories
His analysis has garnered significant attention, especially from aggressive traders seeking a competitive advantage in the infamously unpredictable bitcoin market. His focus on short-term trends and scalping opportunities will appeal to those who prefer a hands-on approach over buy-and-hold strategies.
The analyst’s focus on rapid scalps underlines the erratic character of the bitcoin market. Unlike conventional investments, cryptocurrencies can show notable price swings in minutes, which makes them perfect targets for scalpers with sharp reflexes and strong knowledge of technical indicators.
Chainlink 200-Day SMA Projected For Growth
Technical analysis indicates that while the short-term 50-Day SMA will close at $18.14 on the same day, Chainlink’s 200-day Simple Moving Average (SMA) will rise in the next 30 days and close at $17.05 on July 9, 2024.
Moreover, at 45.80 the Relative Strength Index (RSI) is neutral. The RSI claims that Chainlink is in a neutral market right now, meaning the bitcoin is neither overbought (above 70) nor oversold (below 30).
LINK Price Forecast
LINK‘s current projection shows a possible 32% price rise that would get the price to $21.53 on July 9, 2024. This positive view stands in spite of the present negative attitude shown by the technical view.
Standing at 75 (Greed), the Fear & Greed Index shows a strong degree of investor confidence, usually connected with a phase of a bullish market. But the juxtaposition between a greedy market attitude and bearish technical indications draws attention to a difference investors should approach carefully.
Featured image from Pexels, chart from TradingView