The Chainlink (LINK) price has seen an increase, validating long-term support
The LINK price has been moving upward since January 3, confirming the support trend line of a long-term pattern. This indicates a bullish trend for Chainlink.
Chainlink Approaches Range High
Looking at the daily time frame, the LINK price has been steadily increasing since January 3, when it reached a low of $12.24. The price then formed a higher low on January 8, leading to a bullish engulfing candlestick. Since then, the price has been rising at an accelerated rate.
This upward movement also caused the price to reclaim the range low in a horizontal range that has been in place for 70 days. Currently, LINK is approaching the range high, which has yet to be reached this year.
Positive RSI Reading
The Relative Strength Index (RSI), which is used by traders to assess market conditions and momentum, is giving a positive reading due to the upward movement of LINK. If the RSI reading is above 50 and trending upward, it indicates a bullish trend. In this case, the RSI increased above 50 once the price bounced at the range low.
What Do the Analysts Say?
Cryptocurrency traders and analysts have mostly expressed a bullish sentiment towards LINK’s future trend. Inmortal lists five reasons why LINK is his favorite coin, including over 500 days of accumulation and expansion. Quinten predicts that the price will reach $18 soon as it is currently reaccumulating. Altcoin Sherpa is less bullish but still suggests that LINK will continue consolidating before a potential breakout.
LINK Price Prediction: Has the Correction Ended?
When analyzing the movement since June 2023, a bullish reading can be observed based on the LINK price action and wave count. The Elliott Wave theory suggests that LINK has started the fifth and final wave of an upward movement on January 3. This movement has been contained within an ascending parallel channel, which further validates the bullish trend.
If this wave count is correct, LINK could increase to $23.40 and possibly $30.40. These targets are determined by extending wave five to specific lengths relative to the other waves. However, if the price falls below $12.20, it would invalidate this count and potentially lead to a decrease to the closest support at $8.30.
Hot Take: Chainlink (LINK) Continues Bullish Momentum
The Chainlink (LINK) price has been steadily increasing and has now reached a crucial range high. The positive RSI reading and bullish sentiment from analysts further support the continuation of this upward trend. However, it’s important to monitor any potential corrections or invalidations of the wave count. Overall, LINK shows strong potential for further gains in the near future.
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