Chainlink (LINK) is poised for a major breakout as technical analysis point to $47 and higher if the current support holds.
Chainlink has caught the attention of long-term investors as the technical setup presents an opportunity for massive gains. Following a necessary pullback into a key Fibonacci support zone, crypto analysts have predicted a potential bull rally, provided it holds its April lows. LINK has formed a wave-based pattern in anticipation of a major move.
LINK’s Wave Structure Setup
According to technical analysis based on Elliott Wave Theory, LINK appears to have completed a major correction move between $10.70 and $6.90. This acts as a key zone for bullish reversal. According to crypto analysis by More Crypto Online shared on X (formerly Twitter), the next move (wave iii) could push LINK to $47.14, a 240% gain.
Chainlink’s price is trading at $13.62, with a 4.71% upsurge in trading volume as the price reverses in the past 24 hours, at press time, per CoinMarketCap data. According to analysts, if momentum holds, LINK could hit $81.64 based on its wave structure in the long run, with the April low acting as a key support zone.
The coin’s current setup presents a buying opportunity for long-term investors aiming to capitalize on the potential explosive breakout if LINK holds the $10 key support zone. LINK’s mid-term moving averages on the 1-month time zone flash “buy,” aligning with the current technical setup. Traders are monitoring the coin’s open interest and buying volume for further insights.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their research before making financial decisions.
