In terms of data, it offers features like Data Streams, Data Feeds, and Proof of Reserve. For computing purposes, Chainlink provides capabilities such as Functions, Automation, and VRF (Verifiable Random Function). In the realm of cross-chain connectivity, Chainlink has introduced CCIP (Cross-Chain Interoperability Protocol).
LINK Price Prediction – When Will Increase Continue?
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The daily timeframe count suggests that the LINK price is in wave four of a five-wave upward movement. Wave four is corrective, correcting an extended wave three, which had more than 2.61 times the length (black) of wave one.
While the exact target for the top will be clearer once wave four is complete, a preliminary target is at the long-term resistance at $19.50. The target is 40% above the current LINK price and 55% above the $12.50 support.
Despite this bullish LINK price prediction, failure to bounce at the $12.50 support level can lead to a 30% drop to the 0.618 Fib support at $10.
It is important to note that this would still not invalidate the bullish count. The count will be invalidated if LINK drops below the wave one high (red) at $8.45.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.