Chainlink, a popular cryptocurrency, has recently seen a significant rise of 175%, indicating a strong bullish trend. Analyst HovWaves believes that the token is currently in the third wave of a larger five-wave cycle. This follows his earlier prediction from 2021-2022, where he anticipated that Bitcoin and Chainlink would be in their macro fifth wave. With key buy-ins at $11.11 and $8.85, LINK’s price has surged, prompting speculations of further acceleration in the near future.
Looking at Chainlink’s price history, Elliott Wave analysis highlights key price levels and structures that have influenced its movements. From 2018 to early 2019, LINK’s price remained near accumulation levels, with strong support around $0.50 established through Fibonacci retracements. Throughout mid-2019 to mid-2021, Chainlink witnessed an impulsive bullish phase, completing a five-wave structure that peaked near $52. Despite facing a correction afterward and retracing to around $16, LINK stabilized between $5.50 and $10 in 2022-2023, respecting Fibonacci retracement levels and utilizing the 2019 trendline as dynamic support.
As Chainlink begins its next phase in 2024, a fresh impulsive wave has started, with the price aiming to break through resistance at $27, as per Elliott Wave’s predictions. Analyst HovWaves has set conservative price targets for LINK’s macro fifth wave at $200, with the potential for even higher prices if a supercycle occurs. Trader_Meka also suggests the possibility of LINK reaching the thousand-dollar range in a grand three of three. For potential investors, HovWaves recommends strategic Dollar-Cost Averaging (DCA) at $5 and $7, offering excellent entry points for long-term investment as the price continues to rely on Fibonacci levels and trendlines for support.
In conclusion, Chainlink’s recent price movements have signaled a bullish momentum, with potential targets reaching as high as $200 in the upcoming wave. Elliott Wave analysis points to resistance at $27 for LINK in 2024, potentially leading to even greater heights like $1,000 in a supercycle scenario. HovWaves recommends DCA entry points at $5 and $7 for long-term LINK investors, with Fibonacci levels serving as solid support. As Chainlink continues to navigate through its bullish cycle, investors may find opportunities to capitalize on the token’s growth potential in the cryptocurrency market.
