Chainlink (LINK) is poised for a major breakout as technical analysis point to $47 and higher if the current support holds.
Chainlink has caught the attention of longterm investors as technical setup presents an opportunity for massive gains. Following a necessary pullback into a key Fibonacci support zone, crypto analysts have predicted a potential bull rally backed by holding its April lows. LINK has formed a waved-based pattern eyeing in anticipation of a major move.
LINK’s Wave Structure Setup
According to technical analysis based on Elliot Wave Theory, LINK apppears to have completed a major correction move between $10.70-$6.90. This acts as a key zone for bullish reversal. According to crypto analysis by More Crypto Online shared on X (formerly Twitter),the next move (wave iii) could push LINK to $47.14, a 240% gain.
Source: X
Chainlink’s price is trading at $13.62, with a 4.71% upsurge in trading volume as price reverses in the past 24 hours, at press time, per CoinMarketCap data. According to analysts, if moementum holds, LINK could hit $81.64 based on its wave structure in the long run, with the April low acting as a key support zone.
The coin’s current setup presnts a buying opportunity for long-term investors aiming to capitalize on the potential explosive breakout if link holds the $10 key support zone. LINK’s mid-term moving averages on the 1-month time zone flash “buy” aligning with the current technical setup. Traders are monitoring the coin’s open interest and buying volume for further insights.
<p>The post Chainlink (LINK) Eyes a Rally to $47 -Here are Key Levels to Watch first appeared on Coin Crypto Newz.</p>
