In line with the general crypto market, Chainlink (LINK) registered a significant price gain in the last week rising by 20.41% according to data from CoinMarketCap.\u00a0Interestingly, X-based market analysts More Crypto Online have rolled out a market condition critical to sustaining this price uptrend.\n<\/p>\n
In a recent X post<\/a>, More Crypto Online shared a cautious technical analysis of the LINK market. Using the Elliott Wave Theory, these analysts have determined Chainlink must stay above $23.85 to preserve its current bullish trend. For context, the Elliott Wave Theory is a trading tool used by traders to predict market breeds based on crowd psychology and market cycles.\n<\/p>\n In price prediction, the Elliott Wave Theory can often present a white scenario i.e. the optimistic bullish case and the yellow wave i.e. an alternative case most likely a correction before an uptrend continues. For the LINK market, the white scenario assumes upward movement will continue provided the asset stays over $23.85 which represents a critical support zone.<\/p>\n Any price fall below $23.85 could cause a shift in market dynamics, potentially halting Chainlink\u2019s bullish charge. However, there is also potential for a corrective yellow wave. In this context, this yellow wave follows as an initial upward movement and represents only a temporary pullback before the trend resumes its bullish trajectory.<\/p>\n According to the analysts at More Crypto Online, if LINK dips below $23.85, the corrective wave is expected to occur between $19.26 and $22.39, converting this region to a potential retracement zone for further gains.\n<\/p>\n In other news, certain crypto analysts are highly bullish on LINK amidst the asset\u2019s price rally. In an X post<\/a>, market pundit AMCrypto has backed Chainlink to experience massive price gains in February.<\/p>\n According to AMCrypto, LINK is currently still in consolidation despite recent gains. The analyst predicts the cryptocurrency will experience more weeks of range-bound movement below $30<\/a>, before executing a major price breakout in February. Based on AMCrypto\u2019s forecast, Chainlink is expected to trade as high as $54<\/a> in this projected price surge indicating a potential 125.37% gain on the coin\u2019s current market price.<\/p>\n At the time of writing, LINK trades at $23.95 following a 2.75% decline in the past day. On the other hand, the tokens\u2019 trading volume valued at $957.45 million reflects a 13.97% gain in the past day. With a market cap of $23.94 billion, Chainlink continues to rank as the 12th largest cryptocurrency in the world.\u00a0<\/p>","protected":false},"excerpt":{"rendered":" In line with the general crypto market, Chainlink (LINK) registered a significant price gain in the last week rising by 20.41% according to data from CoinMarketCap.\u00a0Interestingly, X-based market analysts More Crypto Online have rolled out a market condition critical to sustaining this price uptrend. Chainlink Faces Potential Correction In a recent X post, More Crypto […]<\/p>\n","protected":false},"author":0,"featured_media":37077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-37076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/37076"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37076"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/37076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/37077"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Chainlink Heading For Major Price Break?\u00a0<\/strong><\/h2>\n