Chainlink has been charging batteries since the beginning of this week. The fundamental backdrop remains bullish, with encouraging projections from Elliott Theory.
Quotes from chain link (LINK) they reached a high of 16.61 against the US dollar on Saturday November 11th. The crypto ended a bullish gallop at this level that took a special slant starting on September 11 and resulted in a total increase of +188.87% in the space of two months.
Let’s observe on the long-term chart, with weekly candles, how the “tempo change” made by the prices starting from the beginning of this week is also intuitively visible (=red candle in the formation). The strong bullish movement that formed during the previous four white candles forms, in all probability, the central part of the overall dominant trend rising from the lows of the year, reached in the first days of June at 4.78.
Based on the dictates of Elliott theory, we should now expect – and for at least another 2-3 weeks – the formation of a consolidation movement that could force prices to stabilize below the 16.70 line by the end of the month. Throughout this consolidation phase, any approach in value to support can be considered technical buying opportunities.
For those who want to delve deeper into the working dynamics of technical signals, we have prepared a rich section analysis guide, completely free for our readers. We would like to remind you, for the benefit of beginners, that Chainlink is one of the most famous and capitalized cryptographic assets in the world, thanks to a total collection of close to eight billion and 300 million dollars. It is a token that can easily be traded on all markets more reliable platforms for online trading.
Chainlink has been an integral part of ours for several months portfolio of cryptocurrencies purchased for trend positions, after a rigorous selection based on fundamental and technical criteria. In particular, a few days ago we published an extensive in-depth analysis focused precisely on LINK, s updated long-term forecasts.
Moving on to the analysis of the intraday scanning chart, with 30-minute bars, we first of all see that the sequence of bullish signals that we have been following since the end of August is not yet complete. Compared with our latest analysisthe market literally made a quantum leap, taking advantage of the nearest support level which was set at 7.14/7.20.
New support levels, valid for the second half of November, are at 13.40/13.62 and 11.85/12.05. In a large area between 16.10/16.70, various resistances converged, representing the current obstacle to the continuation of the trend.
We expect a temporary phase of consolidation, through repeated trend changes in the space between support and resistance. The move will be a preparation for a bullish breakout. Projections give targets at 19.50 and 20.35/20.45. It would be necessary to review the layout of the levels only in case of a breach of the main support at 11.85, preferably confirmed by at least a lower close on the 30-minute chart.
At the time of writing, Chainlink is trading at the world’s best stock exchanges to 14.83, dollars with an increase of +6.38% since yesterday. Operationally, it would be desirable to intervene upwards only on new descents at least in the area of 14.00. We issue updated technical indicators on Chainlink, as well as on all other major cryptocurrencies, daily official Telegram channel.