bullish

Captain

Chainlink

POPCAT

Time

<p>Chainlink’s LINK token didn’t stay immune to the market’s downturn this week. The price is now trading below $11 after a 6% plunge during this period.</p>
<p>So, what’s next for LINK? It’s important to note that LINK is trading way below its $21.75 yearly high set in mid-March this year.</p>
<p>In late May, <a href="https://captainaltcoin.com/top-analyst-draws-out-path-for-chainlink-link-next-price-direction-states-condition-for-a-strong-rally/" target="_blank" rel="noopener noreferrer nofollow">LINK had another price spike</a> to around the $18.5 area and ever since, we haven’t seen much price action here.</p>
<p>“MarketIntel” trader, who often posts trading ideas on TradingView, shared an interesting Chainlink chart today.</p>
<h2 class="wp-block-heading" id="elliott-wave-analysis">Elliott Wave Analysis</h2>
<p>According to the trader’s chart, ChainLink appears to have completed a corrective wave pattern (labeled as wave 2) and might be starting a new impulsive wave (wave 3). The corrective structure leading to wave 2 seems to be a complex correction with a [w], [x], [y] pattern, indicating a double zigzag correction.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="507" src="https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-1024x507.png" alt="" class="wp-image-550166" srcset="https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-1024x507.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-300x148.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-766x379.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-1536x760.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-2048x1013.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-303x150.png 303w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-100x49.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-708x350.png 708w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729-788x389.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-163729.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><strong>Source: <a href="https://www.tradingview.com/chart/LINKUSD/N9RKdj9m-Chainlink-Take-off/" target="_blank" rel="noopener noreferrer nofollow">TradingView/MarketIntel</a></strong>
 </figcaption>
</figure>
<p>The chart highlights key Fibonacci retracement levels, with the lower boundary at 78.6% (approximately $8.21) and the upper boundary at 61.8% (approximately $10.90). LINK’s price has recently broken above this zone, suggesting a potential bullish trend.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/the-last-time-this-happened-matic-price-pumped-600-as-polygons-upgrade-is-now-days-away/" target="_blank" rel="noopener noreferrer nofollow">The Last Time This Happened MATIC Price Pumped 600% as Polygon’s Upgrade Is Now Days Away</a></strong></em></p>
<h2 class="wp-block-heading" id="chainlink-price-targets-and-resistance-levels">Chainlink Price Targets and Resistance Levels</h2>
<p>The next significant target according to the analysis is $20.85, which is likely the next resistance level where wave 3 might face challenges. This level is marked by a green horizontal line on the chart.</p>
<p>If the bullish momentum continues, the trader projects a potential move towards the $28.00 to $32.00 range (almost 200% from the current levels), as indicated by the green arrow on the chart.</p>
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<p>It’s worth noting that the 61.8% Fibonacci level at $10.90 has been crossed, potentially signaling the end of the correction phase. The 78.6% level at $8.21 could serve as strong support if there’s a deeper retracement.</p>
<p>The trader suggests that while the overall trend appears bullish, there’s a possibility of a short-term retracement back into the turquoise target zone. However, the bullish outlook remains intact as long as the lower boundary of this zone holds.</p>
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<p>The post <a href="https://captainaltcoin.com/this-crypto-trader-predicts-chainlink-link-price-to-explode-by-200-but-heres-the-catch/" rel="noopener noreferrer nofollow">This Crypto Trader Predicts Chainlink (LINK) Price to Explode by 200%, But Here’s the Catch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

This Crypto Trader Predicts Chainlink (LINK) Price to Explode by 200%, But Here’s the Catch

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