After a short break from the gloomy market days, we’re back. The Uptober direction of October lasted for only 2 days. Although the BTC price started the new month well, things turned around after the opening of the US market on October 2nd. The crypto market has to deal with dozens of negatives, such as weak futures ETF volume, strong employment, Fed, and war.
Chainlink (LINK) Analysis
The double-digit rise in September was exciting. Chainlink, which most investors didn’t care about when the price was low, became the focus of long-term investors. Now the price is falling again and is hovering around $7. Many analysis articles have already been written about why it dropped. So what’s next?
The LINK Coin price made five failed attempts to break out on the weekly chart. The last one was two weeks ago. The price has always been limited before reaching the decreasing resistance trend line. Before reaching the decreasing resistance trend line, the LINK price had dropped to the $5.60 support level.
For the current investor profile, bounces from support are seen as opportunities. As this group of investors unloads their holdings at reasonable profit-taking levels, resistances strengthen.
LINK Coin Price Predictions
Good news regarding whale movements, $4.2 million worth of tokens were transferred to wallets created on October 7th from the Binance exchange. The accumulation of Chainlink looks strong even in long-term investors.
On the daily chart, a long upper wick was formed on October 8th, and LINK Coin quickly dropped to $7.13, losing most of its gains. The Elliot Wave theory suggests that a correction is running towards a bottom on the daily chart. The most likely count indicates that the current correction is part of an A-B-C structure. If so, the LINK price is currently in the C wave of this correction.
If the expected scenario happens, Elliot suggests a new low at $6.95. The price is currently at $7.19 and not far from the bottom. After this bottom, LINK bulls may make a new attempt at the $8.1 resistance level.
However, a daily close below $6.95 changes things. In this scenario, there are concerns about the price dropping to $6.35 and $5.5.
