Chainlink $LINK getting ready for the next daily move
|Chainlink $LINK a cryptocurrency and technology platform that enables non-blockchain enterprises to securely connect with blockchain platforms. It’s acting as a bridge between the real world and the crypto universe to facilitate the connection between the two. In today’s article, we’ll dive into the daily cycle taking place and explore the potential path based on the Elliott Wave Theory.
Since June 2023, $LINK rallied 369% within an impulsive 5 waves advance to finish wave ((1)) on March 2024. This rally marked the start of a new bullish cycle to the upside and currently a wave ((2)) is in progress to correct the first leg before the cycle resume the move higher.
The correction in wave ((2)) is unfolding as a 3 waves ZigZag structure (A)(B)(C) and it reached the equal legs area within the blue box at $14 – $10. That extreme area is where we expect the coin the end the decline and start the next leg to the upside or at least react higher within a 3 waves bounce.
The daily bullish structure since 2023 is suggesting that $LINK should remain supported in 3, 7 or 11 swings during pullbacks and it would provide investors with good investment opportunity for a potential higher target in wave ((3)).
$LINK Daily Chart 4.18.2024
Setup Recap
-Time Frame : Daily
-Entry Area : $13 – $10
-Invalidation Condition : Daily Close below $9.5
-Targets / Ratio : Target 1 at $29 (4.57 RR) – Target 2 at $41 (8 RR) – Target 3 at $70 (16.2 RR)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.