Chainlink’s price has been rising rapidly over the past two weeks, reaching a peak of $19.75 today. This increase is seen as a breakout from a long-term horizontal range. The weekly timeframe shows that LINK has experienced rapid growth since June 2023, with a consolidation period inside the resistance level for 85 days. However, last week, Chainlink broke out of this range and reached its highest level in two years.
Source: TradingView
The weekly Relative Strength Index (RSI) gives mixed signals, indicating both bullish and potential bearish trend reversals. Despite this, cryptocurrency traders and analysts on Platform X are extremely bullish on Chainlink’s prospects. They predict that the price will continue to rise and break through the long-term resistance area.
Source: X
The daily timeframe also supports the upward movement, with Elliott Wave Analysis suggesting that LINK is in the fifth and final wave of a bullish structure. The most likely targets for the top of the current growth are $24.85 and $28.70, representing almost 30% and 50% growth, respectively.
Source: TradingView
However, if Chainlink’s price declines below the first sub-wave high at $16.60, this bullish scenario would be invalidated, and a 35% price drop to the nearest support area at $12.80 could be possible.
It’s important to note that all information contained in the article is for informational purposes only and readers are advised to exercise caution and responsibility when making decisions based on this information.