Chainlink (LINK) Bullish Structure Hangs On Key Support Zone – Analyst
In line with the overall cryptocurrency market, Chainlink (LINK) prices surged by 20.41% last week, according to CoinMarketCap. Interestingly, X-based market analyst More Crypto Online unveiled the market conditions that will be crucial to sustain this rising price trend.
Chainlink faces potential correction
in a Recent X postsMore Crypto Online shared a cautious technical analysis of the LINK market. Using the Elliott Wave Theory, these analysts determined that Chainlink must stay above $23.85 to maintain the current bullish trend. For context, Elliott Wave Theory is a trading tool used by traders to predict market types based on crowd psychology and market cycles.
In price predictions, the Elliott Wave Theory can often present a white scenario, an optimistic bullish scenario, and a yellow wave, another scenario that is most likely to correct before the uptrend continues. For the LINK market, the white scenario assumes that the uptrend will continue as long as the asset remains above $23.85, which represents a key support area.
Any price decline below $23.85 could cause market dynamics to change, potentially halting Chainlink’s bullish momentum. However, there is also the possibility of a corrective yellow wave. In this case, the yellow wave is the initial uptrend and represents only a temporary pullback before the trend resumes its bullish trajectory.
More Crypto Online analysts say that if LINK falls below $23.85, a corrective wave is expected to occur between $19.26 and $22.39, turning this area into a potential retracement zone for further gains.
Is Chainlink about to see a major price breakthrough?
In other news, some crypto analysts are highly bullish on LINK amid rising asset prices. exist X postsMarket expert AMCrypto supports Chainlink as it experienced a huge price increase in February.
According to AMCrypto, LINK is still in a consolidation phase despite its recent gains. Analysts Predict More Weeks to Come for CryptocurrenciesPrice fluctuations below $30then executed a major price breakout in February. According to AMCrypto’s predictions, Chainlink expects Trade up to $54 The expected price surge suggests that the coin’s current market price could rise by 125.37%.
As of this writing, LINK is trading at $23.95, having fallen 2.75% the previous day. On the other hand, the coin’s trading volume is worth $957.45 million, rising by 13.97% in the past day. With a market capitalization of $23.94 billion, Chainlink continues to rank as the 12th largest cryptocurrency in the world.
