Chainlink price action as far as key levels and resistance for the 2021 EOY and Q1 2022 - 1D chart
If there's a rally EOY and into early Jan - seen here in pink - the price would likely top around the previous ATH and up to $65 marking something close to a double top +/- a couple of percentage points. This would complete a UTAD on an HTF V wave counting from 0.16 cents.
If we see no rally EOY, and we see more consolidation above $23.6 into Q1 with a break above $35 towards the middle of the quarter, that would signal a possible larger V wave coming with a new ATH into price discovery - we would reevaluate the idea then.
The overall downward arches are key resistance levels to beat if the price is to remain bullish. If the price is caught in them it would break the overall HTF bullish structure it's been climbing on since 2017, followed by a deep bear market ABC correction into the mid to low single digits, due to technicals and circulation supply increase.
Fundamentally the LINK remains incredibly strong and the release of key products currently on development like the CCIP network, and the ability to stake tokens in nodes, added to the incredible TVL and protocol adoption gives this a very bullish outcome in a longer timeframe.
If there's a rally EOY and into early Jan - seen here in pink - the price would likely top around the previous ATH and up to $65 marking something close to a double top +/- a couple of percentage points. This would complete a UTAD on an HTF V wave counting from 0.16 cents.
If we see no rally EOY, and we see more consolidation above $23.6 into Q1 with a break above $35 towards the middle of the quarter, that would signal a possible larger V wave coming with a new ATH into price discovery - we would reevaluate the idea then.
The overall downward arches are key resistance levels to beat if the price is to remain bullish. If the price is caught in them it would break the overall HTF bullish structure it's been climbing on since 2017, followed by a deep bear market ABC correction into the mid to low single digits, due to technicals and circulation supply increase.
Fundamentally the LINK remains incredibly strong and the release of key products currently on development like the CCIP network, and the ability to stake tokens in nodes, added to the incredible TVL and protocol adoption gives this a very bullish outcome in a longer timeframe.