- Chainlink's recent 175% rise signals bullish momentum, with targets as high as $200 in the upcoming wave.
- Elliott Wave analysis points to $27 resistance for LINK in 2024, potentially moving toward $200 or even $1,000 in a supercycle.
- HovWaves suggests DCA at $5 and $7 for long-term LINK investors, with Fibonacci levels offering solid support.
Chainlink has recently demonstrated price movements showing growth from the lows in 2023. Analyst HovWaves believes 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 LINK’s price up by approximately 175% since key buys at $11.11 and $8.85, the bullish trend appears poised for further acceleration.
Elliott Wave Analysis: Key Price Levels and Structure
Looking back at Chainlink's price action, several important trends emerge. Initially, from 2018 to early 2019, LINK's price hovered near accumulation levels. Support around $0.50 was solidified through Fibonacci retracements.
From mid-2019 to mid-2021, Chainlink entered an impulsive bullish phase, completing a five-wave structure. This phase culminated in the fifth wave, reaching an all-time high near $52. Fibonacci extensions highlighted the 1.618 level as a key target during this rally.
However, the market faced a correction after the peak, and Chainlink retraced to around $16. From 2022 to 2023, LINK consolidated in a narrow range, bouncing between $5.50 and $10. This range respected Fibonacci retracement levels at 0.382 and 0.618. The 2019 trendline acted as dynamic support during pullbacks, allowing the price to stabilize.
Future Price Targets and DCA Strategy
In 2024, Chainlink began its next phase, starting a fresh impulsive wave. The price is pushing toward resistance at $27, which aligns with Elliott Wave's expectations. Analyst HovWaves has set conservative price targets for LINK’s macro fifth wave at $200, with the potential for higher prices if a supercycle materializes. He also references the work of Trader_Meka, who suggests the possibility of reaching the thousand-dollar range in a grand three of three.
For those looking to enter the market, HovWaves highlights strategic Dollar-Cost Averaging (DCA) zones near $5 and $7. These levels provide excellent entry points for long-term investors. As the price continues to respect Fibonacci levels and trendlines, the outlook remains bullish.
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