Chainlink (LINK) Price Consolidation
The Chainlink (LINK) price has slightly fallen from its yearly high of $16.60 on November 11, teasing a potential bounce, but can it continue rising towards $20?
Chainlink Breaks Out from Long-Term Range
The weekly timeframe analysis shows the LINK price rapidly increased in October, especially after breaking out from the $9 horizontal resistance area that had been in place for 525 days. This surge culminated in a high of $16.60 after only 28 days, representing a 130% increase in price.
Cryptocurrency trader CryptoBusy noted this breakout, stating that when a coin consolidates for more than a year, you can expect significant movement in its price action.
Crypto Cobrex believes that LINK’s fundamentals and utility will make it outperform other cryptocurrencies. He compared it to a decentralized version of an AWS platform, citing various data and computing features that Chainlink offers.
Chainlink’s Project Updates
The Chainlink team announced that 70 projects are part of the build program and that Staking v0.2 will launch on November 28. Additionally, eight ecosystems are in the Chainlink Scale program, supporting developers to accelerate chain innovation.
LINK Price Prediction – When Will Increase Continue?
Technical analysts are using the Elliott Wave theory to predict that the LINK price is in wave four of a five-wave upward movement. The potential bottom could coincide with the launch of Chainlink staking, and a preliminary target is set at the long-term resistance at $19.50.
However, failure to bounce at the $12.50 support level can lead to a 30% drop to the 0.618 Fib support at $10. It is crucial to note that LINK’s bullish count will only be invalidated if it drops below the wave one high at $8.45.
Hot Take: Chainlink’s Promising Future
Despite the recent dip in price, the long-term bullish trend for Chainlink appears to be on track, thanks to its strong fundamentals, utility, and ongoing project updates. With the imminent launch of Staking v0.2 and the potential for a bounce at the support level, many analysts remain optimistic about Chainlink’s continued success in the crypto market.
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