|

Chainlink Elliott Wave technical analysis [Video]

LINK/USD Elliott Wave technical analysis

  • Function: Follow Trend.

  • Mode: Motive.

  • Structure: Impulse.

  • Position: Wave ((5)).

  • Next higher degree direction: Wave I of Impulse.

  • Wave cancel invalid level: $17.88.

  • Details: The target for Wave (5) is projected near $39.29, based on the Fibonacci 1.618 extension of previous waves. This aligns with standard Wave V expectations in Elliott Wave Theory.

Elliott Wave analysis trading lounge daily chart, 28 January 2025

LINK

LINK/USD trading strategy

LINK/USD is currently at the start of Wave (5), maintaining a clear uptrend. If the price remains above the key support level and breaks the resistance at $30.978, it could initiate a long-term uptrend. Traders should monitor wave structures and critical price levels closely to adjust their strategies.

Trading strategies

  • If ETH sustains support at $2,899.73 and signals a reversal, it would confirm the end of Wave II.

  • Consider buying within the correction range of $22.617–$21.508, but only upon receiving a clear reversal signal.

  • Set a short-term profit target of $30,000 and a long-term profit target of $39,290.

  • Place a Stop Loss below $20.358 to guard against potential structural changes in the wave pattern.

LINK/USD Elliott Wave Technical Analysis

  • Function: Follow Trend.

  • Mode: Motive.

  • Structure: Impulse.

  • Position: Wave (2).

  • Next higher degree direction: Wave ((5)).

  • Wave cancel invalid level: Not specified.

  • Details: A breakout above $26.40 would confirm the beginning of Wave (3) within Wave ((5)), supporting a bullish trend.

Elliott Wave analysis trading lounge four-hour chart, 28 January 2025

Chart

LINK/USD trading strategy

LINK/USD remains in the early stages of Wave (5) with a strong upward trajectory. Should the price maintain above the key support and surpass the resistance level of $30.978, the long-term uptrend will likely persist. Keep tracking wave structures and levels to refine your trading approach.

Trading strategies

  • If ETH sustains support at $2,899.73 and indicates a reversal, it would signal the completion of Wave II.

  • Look to buy within the correction range of $22.617–$21.508, waiting for a confirmed reversal.

  • Aim for a short-term profit target of $30,000 and a long-term target of $39,290.

  • Place a Stop Loss below $20.358 to mitigate risks tied to wave structure changes.

Chainlink Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

More from Peter Mathers
Share:

Editor's Picks

XRP retreats as ETF interest cools
Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.
Crypto Today: Bitcoin, Ethereum, XRP pare losses as breakout potential builds
Bitcoin (BTC) is edging higher on Friday, albeit gradually, after reclaiming support above $65,000. Meanwhile, Ethereum (ETH) shows signs of stability near the immediate $1,900 hurdle, backed by mild capital inflows. Ripple (XRP), on the other hand, holds above the pivotal $1.10, with its upside structurally constrained below $1.15.
Bitcoin Weekly Forecast: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.
Crypto shrugs off a stronger Dollar
Cryptocurrencies have been affected by jitters in traditional financial markets, losing 0.8% of their market capitalisation over the past 24 hours to $2.23T, dipping to a low of $2.21T at the start of active trading in Asia.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.