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<p>The cryptocurrency market has been a rollercoaster ride in recent weeks, and Chainlink (LINK) has not been spared from the volatility. After reaching a high of $22 earlier this month, the price of LINK has continued its descent, now trading below the $16 mark.</p>
<p>According to a recent video analysis by popular YouTube channel “More Crypto Online,” Chainlink appears to have entered a larger Wave 2 correction phase, based on Elliott Wave theory. This correction is expected to be a pullback following the previous price increase.</p>
<p>The video suggests that the ideal target range for this Wave 2 correction is between $12.80 and $6.90, considered an accumulation zone for LINK investors. However, the analysts stress the importance of proper position sizing and vigilant monitoring due to the notoriously volatile nature of altcoin charts.</p>
<p>At the time of the video’s recording, Chainlink was trading at $17.27, still holding above the crucial 50% retracement level. The analysis highlights a specific support region that needs close monitoring, especially if a deeper pullback materializes.</p>
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<p>While a further decline seems likely, the video indicates a possibility for Chainlink to achieve one more high before the correction intensifies. However, this scenario would require LINK to maintain its price above the critical $16.78 level, representing a 50% retracement from previous highs.</p>
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<p>According to Elliott Wave theory, the ideal scenario for the Wave 2 correction would be to reach at least the 38.2% Fibonacci retracement level. The video also suggests that the price could potentially reach the low of the previous Wave 4 of a lower degree, a concept intrinsic to Elliott Wave analysis.</p>
<p>Currently, Chainlink is attempting to hold above a micro support area and has touched the lower boundary line of a larger trend channel. If the Wave 2 unfolds as expected, it could follow an ABC structure, potentially hitting around $12.80, aligning with the previous wave four low of a lower degree.</p>
<p>The video discusses a potential trading strategy for those looking to capitalize on one more high, emphasizing the importance of a favorable reward-to-risk ratio. However, the analysts also note the unreliability of such a strategy at this stage.</p>
<p>Delving deeper into the micro structures within the price movement, the video suggests that Chainlink might have completed a five-wave move in a leading diagonal or an AB WXY structure. This could indicate readiness for a corrective bounce in wave B.</p>
<p>The nature of the next rally will provide further insights into the direction of the trend. If the rally is a three-wave corrective rally and encounters resistance in the area between $21.36 and $24.66, it could suggest that the next move down will be a C wave, according to the analysis.</p>
<p><strong>A Non Technical Perspective </strong></p>
<p>While technical analysis provides insights into potential price movements, experienced investors offer a different perspective. <a href="https://twitter.com/nas49001254/status/1770300017917763686" target="_blank" rel="noopener noreferrer nofollow">Nastardamus, </a>a well-known cryptocurrency trader and investor, shared his thoughts on the recent Chainlink correction.</p>
<p>In a tweet, Nastardamus expressed comfort with the current 30% correction, having experienced similar drawdowns during the last bull market. However, he raised concerns about Chainlink’s tokenomics and the approach of the team, stating that “when 80-90% of the long-term holders complain and worry about it, something is clearly wrong.”</p>
<p>Despite the current downturn, Nastardamus remains optimistic about Chainlink’s long-term prospects. He believes that LINK could reach three-digit prices during this bull market, noting that the market is still in its early stages before the highly anticipated Bitcoin halving event.</p>
<p>Nastardamus’ comments highlight the divided sentiment among investors, with some expressing concerns about the project’s fundamentals while others maintain a bullish outlook, anticipating a significant price surge in the coming months.</p>
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<p>The post <a href="https://captainaltcoin.com/whats-next-for-chainlink-link-as-price-continues-downward-spiral/" rel="noopener noreferrer nofollow">What’s Next for Chainlink (LINK) as Price Continues Downward Spiral</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

What’s Next for Chainlink (LINK) as Price Continues Downward Spiral

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