Key points in the analysis:
1. Correction pattern and bullish momentum:
The analysis indicates that the rise that began on April 7 and lasted for six weeks was followed by a three-week correction, representing 50% of the duration of the rise.
The Fibonacci retracement level of 0.5 has been breached, and the price has begun to recover above the 0.618 level, which is a positive signal for resuming the bullish trend.
2. Elliott's wave principle:
A short-term corrective pattern has been observed following a previous long-term corrective pattern between July and November 2024, aligning with the wave principle in Elliott's theory, enhancing the likelihood of an upcoming bullish movement.
3. Future forecasts:
The analyst expresses optimism about the potential for significant gains for LINK, noting that time will reveal the extent of these forecasts.
Supporting signals from other sources:
Analysis from AMBCrypto:
The main support level has been set at $22.54, with resistance at $24.52.
The fear and greed index rising to 64 indicates increased optimism among investors.
Report from COINOTAG NEWS:
The price of LINK shows a "descending wedge" pattern, which is often considered a signal of a potential bullish reversal.
An increase in active addresses by 0.86% and transactions by 0.88% reflects increasing activity on the network.
Data from TronWeekly:
An 8.56% increase in large transactions indicates heightened activity from "whales" (large investors).
An increase in daily active addresses by 1.09% supports the bullish trend.