2024-8-10 17:00 |
The LINK price is up around 3% today and is now trading above the $10.6 level.
Chainlink was hit hard with the last market crash as price plunged from the $15 area all the way to $8.3. However, as the broader crypto market started to recover along with Bitcoin, LINK did as well, with a 27.7% increase from its low of $8.3 to its current price of $10.6.
Recent LINK Price MovementsAnalyst “More Crypto Online” who has over 220k subscribers on YouTube, posted a viral video last night where he updated his LINK price forecast.
According to the analyst, LINK recently dipped into a support zone after being rejected from a trend line. It then rallied but has since experienced a small decline. This decline is described as a three-wave move, not impulsive, and is being tracked as part of a diagonal pattern rather than a traditional impulse wave.
The key support zone is identified between $8.56 and $9.52, with the current price action holding above $9.33, which is an important invalidation point for the diagonal pattern. On the upside, the critical resistance level to watch is $10.64. A sustained break above this level could indicate that the low is in and the price is beginning to rally in wave C of three.
Chainlink Price PredictionThe analyst emphasizes caution when trading diagonal patterns, as they are prone to changes and failures. Traders are advised to closely monitor key pivots and be prepared for potential changes in the wave structure.
In a bullish scenario, if LINK can break above the key resistance level of $10.64 and maintain that level, it might suggest that the low is in, and LINK could start to rally further. This would imply a continuation of the upward movement in a corrective wave pattern. The analyst mentions that the next key level to reach after a sustained break above $10.64 would be $13.36. This would be a big target in the bullish wave pattern.
Conversely, in a bearish scenario, if LINK drops below $8.56, it could indicate a more bearish outlook, potentially targeting the $6.90 level.
Read also: Here Are Next Two Possibilities for SUI Token as Price Struggles to Break Key Resistance
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The post What’s Next for Chainlink? Popular YouTuber Updates His LINK Price Prediction appeared first on CaptainAltcoin.
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