ChainLink (LINK), the oracle network powering decentralized applications (dApps), has experienced a recent price correction, raising concerns among investors. However, Nick suggests that this correction is likely a healthy retracement and that the overall bullish trend remains intact.
Analyzing ChainLink’s Price Action
ChainLink’s price has been trading within a potential running flat or zigzag pattern, indicating a possible correction in progress. The hourly chart shows a bearish structure, but there has been no confirmed breakdown yet. If the correction continues, potential targets lie at $12.61 to $12.71.
Daily Chart Reveals Bullish Structure
In contrast, the daily chart exhibits a bullish structure, suggesting that a fifth wave move higher is likely. The price has formed a clear impulse wave, followed by a corrective wave. This pattern indicates that the upward trend is still in play.
No Immediate Breakdown Concerns
Despite the recent correction, there are no immediate breakdown concerns. Healthy corrections are a natural part of any uptrend and allow for a stronger rally to develop.
Weekly Outlook: Bottomed at $47, Targeting $106 to $250
The weekly outlook suggests that ChainLink has bottomed at $47 and is now preparing for a five-wave pattern between $106 and $250. This aligns with the potential targets identified on the hourly and daily charts.
Long-Term Optimism for ChainLink’s Growth
The long-term outlook for ChainLink remains optimistic, with the potential for significant growth in the next bull run. The oracle network’s increasing integrations in web 3 and traditional markets position it well for future success.
Engage with Cheeky Crypto
Nick encourages viewers to share their price predictions in the comments section and engage in discussions about ChainLink’s potential future trajectory. Like, subscribe, and join the Discord community for more updates and insights into the world of cryptocurrency.