During the time of writing, the price of BTC has turned upwards again, but high volatility is expected to continue over the next few hours. Federal Reserve meetings in the evenings haven’t been as exciting as expected for some time, but the decisions to be announced today are very important. So, what are the expectations for Chainlink in this environment?
Chainlink (LINK)
Since October, on the weekly chart, LINK Coin has escaped the long-term horizontal resistance area. The rally recently produced a peak of $17.32. The growing interest in the RWA area and Coinbase’s entry into this space yesterday suggest that LINK Coin could continue to grow next year as well.
However, continuous rises do not occur in the short-term charts, and after the peak, we saw that the price of LINK Coin experienced some decline. The RSI is above the neutral zone, and if the price can stay above $42,000 for BTC, it could resume rallying.
Popular crypto analyst Steve says that due to breaking above an important long-term horizontal level, LINK Coin’s price has started its journey to exceed $50.
RektCapital, who expects a strong general market correction before the halving, wrote the following;
“Chainlink has broken out of the formation; now it wants to retest the top of the formation to fully confirm the breakout. It is also maintaining the base of the formation as support through a downward wick. For the retest to be successful, it needs to hold the top of the formation.”
Analyst named InmortalCrypto, on the other hand, expects the rise to continue.
LINK Coin Price Predictions
While BTC lingers above $42,000, the price of LINK Coin is at $14.5. The current chart gives clear targets with Elliott wave counting. We see that a five-wave upward movement started in June. LINK Coin is currently in the fourth wave of this movement, which is corrective. This is considered normal after the third wave.
If BTC does not push the market up abnormally, LINK Coin’s price could linger around $12.75 before the new peak. If LINK breaks out of the channel, it could fall by 20%, and the bottom of the fourth wave could drop to $11.4.
Despite the risk of decline, a price breakout above the channel could help rapidly initiate the fifth wave and run the price up to the next major resistance at $27.
