LINKUSDT - Elliott Wave Analysis - Bullish
LINKUSDT LINKUSDT - Elliott Wave Analysis - BullishArticle: The price chart analysis of ChainLink (LINK) using the Elliott Wave Theory, with lines drawn by this indicator, highlights it as one of the cryptocurrencies to watch.
The long-term (1-week) price chart of ChainLink (LINK) has shown a bullish movement since 2020, breaking through several key resistance levels and continuing to climb steadily.
The structure created by the indicator's automatic line drawing clearly shows that we are potentially in wave 3 of a bullish trend while concurrently in wave C of a bearish correction. Therefore, we expect prices to reach levels at $86, $105, and $137 respectively.
However, other factors should be considered when forecasting future price directions such as fundamental asset factors, technical factors, and economic conditions. The fundamentals for LINK are strong due to its popularity as a DeFi project with increasing real-world usage. Technical indicators support an upward trend.
Factors supporting the upward trend for ChainLink include:
- Growth in real-world usage of ChainLink.
- Partnerships with new allies.
- Launching new products and services.
Risks against the upward trend for ChainLink include:
- Global economic recession.
- Volatility in cryptocurrency markets.
- Competition from emerging technologies.
Conclusion
In summary, the long-term (1-week) ChainLink price chart indicates a robust upward trend, with expectations of breaking through key resistance levels, specifically at $53. Currently, the price is in an accumulation phase, poised for a soon-to-come upward adjustment. Additionally, it is noteworthy that the price has been consistently adjusting upward on a weekly basis.
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