|

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 extends decline as CLARITY Act setback reinforces bearish outlook

Ripple (XRP) trades lower around $1.28 on Wednesday, as investors broadly assess the impact of the failed United States (US) Senate vote on the CLARITY Act and the upcoming Federal Reserve (Fed) monetary decision.

Crypto Today: Bitcoin, Ethereum, XRP face headwinds as Fed decision looms

Cryptocurrency prices are broadly retreating on Wednesday, with Bitcoin holding near $75,000. Ethereum holds below the support-turned-resistance at $2,400 while remaining structurally resilient. Meanwhile, Ripple is trading lethargically below $1.30.

Circle launches Arc mainnet with Wall Street validators as CLARITY Act stalls

Circle has publicly launched the Arc mainnet on Wednesday, an EVM-compatible Layer 1 blockchain built for financial markets, stablecoin payments, and AI agentic economic activities.

Bitcoin weakens as CLARITY Act fails to advance ahead of Fed decision

Bitcoin remains under pressure, trading below $76,000 at the time of writing on Wednesday after falling over 3% the previous day and as the CLARITY Act failed to advance in the US Senate. Mixed institutional demand suggests caution amid heightened Middle East tensions.

Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.