Chainlink Hits New Yearly High
The price of Chainlink (LINK) has surged to a new yearly high of $17.68 after six weeks of consolidation. However, the price is still trading within a long-term horizontal resistance area.
LINK’s Journey So Far
The LINK price experienced a significant increase after hitting a low of $4.90 in June. It struggled to break out from a long-term descending resistance trend line initially but eventually managed to move above it in September.
After consolidating for six weeks, the LINK price started an upward movement this week and reached a new yearly high of $17.68. However, it remains within a long-term horizontal resistance area.
Analysts’ Perspective on LINK
Cryptocurrency traders and analysts are bullish about the future trend of LINK. Inmortal believes that LINK will break out from its symmetrical triangle and surpass $20. Bubbafox is also optimistic for fundamental reasons, while Kyle Chase predicts a parabolic increase in the LINK price.
Predicting the Future Price
Technical analysts are using the Elliott Wave theory to forecast the future price of LINK. They suggest that LINK has entered the fifth and final wave in an upward movement that started in June. If this count is correct, the target for the top of the upward movement is $23.75, which coincides with resistance levels.
However, if there is a rejection from the channel’s resistance trend line, it could cause a 17% drop to the channel’s support trend line at $14.
Hot Take: Chainlink Gains Momentum with New Yearly High
The Chainlink (LINK) price has broken out of its consolidation phase and reached a new yearly high. With bullish sentiments from analysts and the potential for further upward movement, LINK may continue to gain momentum in the coming months. However, it remains to be seen if it can break through the long-term resistance area and sustain its upward trajectory. Keep an eye on LINK’s price action to see if it can surpass the $20 mark before the end of the year.
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