Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Chainlink (LINK) Bulls in Control as Price Hits Yearly High – $20 on the Horizon?

Chainlink (LINK) Bulls in Control as Price Hits Yearly High – $20 on the Horizon?

BeInCryptoBeInCrypto2023/12/28 09:05
By:By Valdrin Tahiri

The Chainlink (LINK) price ended six weeks of consolidation by reaching a new yearly high of $17.68 today.

Despite the high, LINK still trades inside a long-term horizontal resistance area. Will it break out before the end of the year?

Chainlink Reaches New Yearly High

The LINK price has increased since falling to a low of $4.90 in June . Initially, LINK failed to break out from a long-term descending resistance trend line (red icon). However, it was finally successful in moving above it in September.

The upward movement led to a high of $16.58 in November, but it has slowed down since. After consolidating for six weeks, the LINK price finally began an upward movement this week , leading to a new yearly high of $17.68, inside a long-term horizontal resistance area.


Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The RSI has generated bearish divergence (green) and is falling, both considered signs of weakness.

What Do the Analysts Say?

Cryptocurrency traders and analysts on X are decisively bullish on the future LINK trend.

Inmortal believes the LINK price will soon break out from its symmetrical triangle and increase above $20. He also suggests that there is a rotation going on by stating:

Rotation. From $SOL and $AVAX To $ETH and $LINK


Bubbafox is bullish for fundamental reasons , and Kyle Chase suggests that the LINK price increase will become parabolic soon.

LINK Price Prediction: $20 Before Year-End?

Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The most likely count suggests that LINK has begun the fifth and final wave (black) in an upward movement that started in June.

If the count is correct, LINK completed wave four on December 18 and then began wave five. The fact that the daily RSI broke out from its bearish divergence trend line supports this possibility.

If LINK breaks out from the channel , the most likely target for the top of the upward movement is $23.75, 50% above the current price. The target is found by giving wave five the same length as wave one.

It also coincides with the resistance trend line of a long-term ascending parallel channel and a long-term horizontal resistance area.

Despite this bullish LINK price prediction , a rejection from the channel’s resistance trend line can cause a 17% drop to the channel’s support trend line at $14.
 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our  Terms and Conditions ,  Privacy Policy , and  Disclaimers  have been updated.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!