Bitcoin price continues to fluctuate, turning downward to $41,800 with the opening of the U.S. market. Investors are hopeful for further increases as the $40,400 region has been maintained weekly. So, what is the current situation specifically for Chainlink? What awaits LINK Coin investors?
LINK Coin
Since July of last year, the price of LINK Coin has been rising, and the upward movement increased in October with news from Swift. The price experienced a rapid recovery period as a result of the strong potential in the RWA area established from the resistance trend line.
In the last week of December, the price of LINK reached its 2023 peak at $17.68. This exciting journey ended with two long upper wicks and confirmation of the long-term horizontal resistance area. The weekly RSI also confirms this negative outlook, and the negative divergence in the RSI is still strong. Due to these two bearish signals, LINK Coin investors are less demanding these days.
LINK Coin Price Prediction
If we look at the experts’ opinions, Altcoin Sherpa wrote that we will see an upward movement after the current consolidation ends. InmortalCrypto heralds a similar accumulation period followed by an upward move, while Michael Poppe directly points to a $25 target.
On the daily chart, we see that the price of LINK Coin has been fluctuating between $13.3 and $16.6 for 82 days. The boundaries of this horizontal range have been confirmed several times, most recently on January 20th.
The daily RSI is in the neutral zone, and there is concern that it may act as resistance. Elliot wave counting suggests that the price of LINK Coin could decline. As with most altcoins, the most likely count indicates that LINK Coin is in the fourth wave of a five-wave upward movement.
If we give a 1:1 ratio to the A:C waves, we can see that the expected decline is to $11.4. Despite this bearish LINK price prediction, if the resistance level of the narrow price range, namely the $16.6 region, can be exceeded, investors may see the price climb to the next resistance at $19.3.
Of course, cryptocurrencies are unpredictable, and technical analysis does not tell you the future. What is important here is how BTC’s price performance and the mood of the markets will steer sentiment.
