- Bullish signals: TD Sequential points to a 10x surge.
- Bearish warnings: Rising Wedge breakdown raises concerns.
- Technical crossroads: Chainlink battles to maintain crucial support levels.
As the cryptocurrency market gears up for a transformative 2024, analysts are engaged in heated debates over the fate of various digital assets in the anticipated bull run. One coin under the spotlight is Chainlink (LINK), with predictions ranging from a promising 10x surge to ominous warnings of a breakdown.
Renowned crypto analyst Crypto Rover is bullish on LINK, citing the TD Sequential signal on the 12-hour chart and the cryptocurrency’s position near the lower boundary of a parallel channel. If the signal holds, analysts believe LINK could catapult to impressive levels, potentially hitting $15.2 or even $17.3.
Contrary to this optimism, analyst Ali has raised concerns about Chainlink’s potential downfall. Ali notes that the Rising Wedge pattern breakdown has been confirmed by crypto expert Rekt Capital. According to the analysis, Chainlink is on the verge of breaking down from a crucial demand area, and a daily close below the red zone could trigger a significant downward spiral.
Rekt Capital’s analysis introduces the possibility of the red box bottom transforming into a stubborn resistance, posing additional challenges for Chainlink’s price trajectory. To avert further losses, Chainlink must reclaim the bottom of the red box as support, as highlighted in the technical analysis.
The stakes are raised as Rekt Capital emphasizes that Chainlink’s breakdown is not confined to the daily timeframe but extends to the weekly chart as well. The weekly closure below the red box signals a potential shift, turning the red zone into a formidable resistance on a broader time frame.
Crypto enthusiasts are on high alert, closely monitoring Chainlink’s movements for signs of a reversal or sustained recovery. The next few weeks are expected to bring clarity on whether Chainlink can overcome the hurdles posed by recent breakdowns and position itself for a substantial surge in the looming bull run. The tug-of-war between optimistic and cautious analysts intensifies, leaving the crypto community eagerly awaiting Chainlink’s decisive move in this pivotal period.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.