|

Chainlink Elliott Wave technical analysis [Video]

LINK/USD Elliott Wave technical analysis

  • Function: Follow Trend.

  • Mode: Motive.

  • Structure: Impulse.

  • Position: Wave ((5)).

  • Next higher degree direction: Wave I of Impulse.

  • Wave cancel invalid level: $17.88.

  • Details: The target for Wave (5) is projected near $39.29, based on the Fibonacci 1.618 extension of previous waves. This aligns with standard Wave V expectations in Elliott Wave Theory.

Elliott Wave analysis trading lounge daily chart, 28 January 2025

LINK

LINK/USD trading strategy

LINK/USD is currently at the start of Wave (5), maintaining a clear uptrend. If the price remains above the key support level and breaks the resistance at $30.978, it could initiate a long-term uptrend. Traders should monitor wave structures and critical price levels closely to adjust their strategies.

Trading strategies

  • If ETH sustains support at $2,899.73 and signals a reversal, it would confirm the end of Wave II.

  • Consider buying within the correction range of $22.617–$21.508, but only upon receiving a clear reversal signal.

  • Set a short-term profit target of $30,000 and a long-term profit target of $39,290.

  • Place a Stop Loss below $20.358 to guard against potential structural changes in the wave pattern.

LINK/USD Elliott Wave Technical Analysis

  • Function: Follow Trend.

  • Mode: Motive.

  • Structure: Impulse.

  • Position: Wave (2).

  • Next higher degree direction: Wave ((5)).

  • Wave cancel invalid level: Not specified.

  • Details: A breakout above $26.40 would confirm the beginning of Wave (3) within Wave ((5)), supporting a bullish trend.

Elliott Wave analysis trading lounge four-hour chart, 28 January 2025

Chart

LINK/USD trading strategy

LINK/USD remains in the early stages of Wave (5) with a strong upward trajectory. Should the price maintain above the key support and surpass the resistance level of $30.978, the long-term uptrend will likely persist. Keep tracking wave structures and levels to refine your trading approach.

Trading strategies

  • If ETH sustains support at $2,899.73 and indicates a reversal, it would signal the completion of Wave II.

  • Look to buy within the correction range of $22.617–$21.508, waiting for a confirmed reversal.

  • Aim for a short-term profit target of $30,000 and a long-term target of $39,290.

  • Place a Stop Loss below $20.358 to mitigate risks tied to wave structure changes.

Chainlink Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

More from Peter Mathers
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.

Meme Coins Price Prediction: DOGE, SHIB, PEPE stall amid warming retail demand

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), struggle to regain strength as the broader cryptocurrency market recovers. Derivatives data reveals fresh retail demand as Open Interest of DOGE, SHIB, and PEPE futures surge.

Terraform Do Kwon gets 15-year prison sentence for role in Terra-Luna $40 billion crash

Terraform Labs founder Do Kwon was sentenced to 15 years in prison by a New York federal court on Thursday for his role in organizing one of the largest cryptocurrency frauds in history.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.