Chainlink (LINK) Price to Explode by 200%, But Here’s the Catch

Chainlink's LINK token didn't stay immune to the market's downturn this week. The price is now trading below $11 after a 6% plunge during this period.

A well-known crypto trader has shared an updated Chainlink (CRYPTO: LINK) price analysis, highlighting key Fibonacci levels and potential targets.

Chainlink’s LINK token largely followed the market’s downturn this week, with the price now trading below $11 after a 6% decrease during this period.

However, it’s crucial to note that LINK is still trading significantly below its yearly high of $21.75, which was observed in mid-March of this year.

After another price spike to around the $18.5 area in late May, we haven’t seen much price action here.

Chainlink Chart Hints At Next Move: The “MarketIntel” trader, who frequently shares trading ideas on TradingView, posted an interesting Chainlink chart today.

According to the trader’s chart, ChainLink appears to have completed a corrective wave pattern (labeled as wave 2) and might be starting a new impulsive wave (wave 3). The corrective structure leading to wave 2 seems to be a complex correction with a [w], [x], [y] pattern, indicating a double zigzag correction.

The chart highlights key Fibonacci retracement levels, with the lower boundary at 78.6% (approximately $8.21) and the upper boundary at 61.8% (approximately $10.90). Recently, LINK’s price has broken above this zone, suggesting a potential bullish trend.

Next Chainlink Price Targets, Resistance Levels: The next significant target according to the analysis is $20.85, which is likely the next resistance level where wave 3 might face challenges. This level is marked by a green horizontal line on the chart.

If the bullish momentum continues, the trader projects a potential move towards the $28.00 to $32.00 range (almost 200% from the current levels), as indicated by the green arrow on the chart.

It’s worth noting that the 61.8% Fibonacci level at $10.90 has been crossed, potentially signaling the end of the correction phase. The 78.6% level at $8.21 could serve as strong support if there’s a deeper retracement.

The trader suggests that while the overall trend appears bullish, there’s a possibility of a short-term retracement back into the turquoise target zone. However, the bullish outlook remains intact as long as the lower boundary of this zone holds.

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?

Get all our future calls by joining our FREE Telegram group.

위 내용은 Chainlink (LINK) Price to Explode by 200%, But Here’s the Catch의 상세 내용입니다. 자세한 내용은 PHP 중국어 웹사이트의 기타 관련 기사를 참조하세요!