Link Price Faces Pivotal Moment After 200% Surge and Fall - Next Move Could See 30% Rally or 25% Drop
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Chainlink (LINK) price surged nearly 200% from June to November, reaching a yearly high of $16.60 on Nov. 11th. Price has since fallen, creating successive bearish weekly candlesticks.
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Technical indicators are mixed - RSI is above 50 but falling on the weekly chart. Analysts have conflicting views on future price trend.
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Daily chart Elliott Wave analysis suggests LINK is nearing the end of a corrective 4th wave, with a potential 30% price surge to $19 if bull trend resumes.
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A breakdown from the current triangle pattern would indicate the correction is not over yet, with a potential 25% further drop.
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Despite the bullish technical setup on higher timeframes, a breakdown would flip the market structure bearish again in the near-term.