The Chainlink (LINK) Price Starts 2024 with a Sharp Decrease
The LINK price experienced a significant drop at the beginning of 2024, revisiting an important Fib support level. However, it has since regained its footing and retraced a significant portion of the decrease.
Chainlink Struggles to Maintain Increase
After starting a significant upward movement in October, the LINK price reached a new high of $17.67 in December. Since then, it has been falling, reaching a low of $12.20 last week. Despite this, LINK has shown signs of recovery with a long lower wick on the weekly chart.
What Do the Analysts Say?
X cryptocurrency traders and analysts are bullish on the future LINK trend. The CryptoBull believes the price will increase above $250, comparing its movement to Ethereum in 2020. DavidOnCrypto also suggests that the recent decrease is not the start of a new downward trend. Commander predicts that the price will increase to its range high.
LINK Price Prediction: Is This the Local Bottom?
Technical analysis suggests that LINK has reached a local bottom and has initiated an upward movement. The Elliott Wave theory indicates that it has started the fifth and final wave, with a target of $23.60 representing a 65% increase from the current price. However, if there is a daily close below the support trend line, it could trigger a 16% decrease to $12.50.
Hot Take: Chainlink (LINK) Shows Signs of Recovery After Initial Drop
The Chainlink (LINK) price experienced an initial sharp decrease at the beginning of 2024 but has since regained its footing and retraced part of the decrease. Analysts are optimistic about the future trend of LINK, with predictions ranging from an increase above $250 to reaching the range high. Technical analysis suggests that the price has reached a local bottom and is starting an upward movement. However, a daily close below the support trend line could lead to a further decrease. Overall, LINK is showing signs of recovery after its initial drop.
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