ChainLink LINK is a decentralized network of nodes that provide data and information from off-blockchain sources to on-blockchain smart contracts via oracles.
Last summer, LINK found buyers in wave ((2)) at extreme blue box area $8.2 – $5.7 then rallied in wave ((3)) for +280%. It did manage to reach the daily target area around $30 and from there it’s started another correction to the downside. The proposed wave ((4)) is currently unfolding within a potential 3 waves ZigZag structure and therefore the wave (C) remains in progress looking fora 5 waves decline toward target area at equal legs $15 – $12.5. That is to say, LINK still needs to break below $20 to confirm the extension lower toward the buying area.
In conclusion, LINK is still within a bullish structure as long as price stays above $8 and we only recommend investors to look for the buying opportunity if price reaches the mentioned blue box area which will provide at least a 3 waves reaction to the upside.
LINK Daily Chart 12.30.2024
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