2024-11-12 12:00 |
Besides Dogecoin, a top meme coin that’s stealing the spotlight from other altcoins, there are other cryptos recovering nicely during the current market pump.
One of those is Chainlink since the LINK price pumped over 40% and is now well-above $14. This is still below 2024’s yearly high though at around $22 in March.
Popular crypto analyst “FLASH” tried to map out LINK’s road to $50+ to his 90k followers on X, formerly Twitter.
Chainlink Chart BreakdownLooking at FLASH’s chart, LINK went through a big ABC corrective wave pattern during 2021-2022, pulling back heavily from its all-time high. After this correction, the price moved into an accumulation phase before showing strength in 2023, pushing up to $22.84.
The current price sits around the key 0.5 Fibonacci retracement level at $14.41, which could either resist or support further price action. Below this, there’s notable support at the 0.618 Fibonacci level ($12.39) and a deeper support at the 0.786 level ($9.51). The lowest recent support sits near $5.84, marked by the 1.0 Fibonacci extension.
Source: X/@THEFLASHTRADINGA strong accumulation range formed between $5.29 and $9.49 throughout 2023, potentially serving as a solid foundation if prices retrace. This accumulation zone typically suggests institutional investors or large players building positions, often preceding significant upward moves.
Path to $50 and LINK Price PredictionFLASH’s analysis points to three major targets on LINK’s journey upward. The first hurdle sits at $22.84, matching the previous peak where traders might take profits. If momentum continues, the next target appears at $33.51, coinciding with historical Fibonacci levels. The final ambitious target of $52.39 represents the ultimate bullish scenario.
Recently, LINK broke out from a downward-sloping trendline that connected the $22.84 high to the $9.49 level. This breakout from the descending channel signals potential bullish momentum. However, to maintain this optimistic outlook, LINK needs to hold above $14.41. If successful, the next immediate target sits at $18.93 (23.6% Fibonacci level) before challenging the $22.84 resistance.
Read also: Could NEAR Protocol Price Be Headed for a $15 Target? Analyst Weighs In
However, if LINK fails to maintain its position above $14.41, it could retest lower support levels around $12.39 or potentially revisit the accumulation zone near $9.49. The progression toward higher targets would require LINK to show strength at each resistance level, particularly around $22.84 and $33.51, while avoiding significant breakdowns.
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The post Where Is the Chainlink (LINK) Price Headed Next? Analyst Maps the Path to $50 appeared first on CaptainAltcoin.
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