Chainlink Price Gains 20.41% but Faces Key Support at $23.85
Chainlink (LINK) has increased by 20.41% over the past week, according to CoinMarketCap data. Analysts from More Crypto Online emphasize that LINK must remain above $23.85 to sustain its bullish trend.
Key Insights on Chainlink
- Using the Elliott Wave Theory, a price drop below $23.85 could disrupt the current uptrend.
- If LINK falls under this threshold, analysts predict a corrective wave between $19.26 and $22.39.
- The current market price for LINK is $23.95, having declined by 2.75% in the past day.
- Chainlink's trading volume is $957.45 million, reflecting a daily gain of 13.97%.
- The market cap stands at $23.94 billion, making it the 12th largest cryptocurrency.
Future Price Predictions
- Analyst AMCrypto forecasts a price breakout for LINK in February, predicting it may reach as high as $54, indicating a potential gain of 125.37% from current levels.
- Currently, LINK is consolidating below $30 before expected upward momentum.
