Chainlink’s LINK token didn’t stay immune to the market’s downturn this week. The price is now trading below $11 after a 6% plunge during this period.

So, what’s next for LINK? It’s important to note that LINK is trading way below its $21.75 yearly high set in mid-March this year.

In late May, LINK had another price spike to around the $18.5 area and ever since, we haven’t seen much price action here.

“MarketIntel” trader, who often posts trading ideas on TradingView, shared an interesting Chainlink chart today.

Elliott Wave Analysis

According to the trader’s chart, ChainLink appears to have completed a corrective wave pattern (labeled as wave 2) and might be starting a new impulsive wave (wave 3). The corrective structure leading to wave 2 seems to be a complex correction with a [w], [x], [y] pattern, indicating a double zigzag correction.

Source: TradingView/MarketIntel

The chart highlights key Fibonacci retracement levels, with the lower boundary at 78.6% (approximately $8.21) and the upper boundary at 61.8% (approximately $10.90). LINK’s price has recently broken above this zone, suggesting a potential bullish trend.

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Chainlink Price Targets and Resistance Levels

The next significant target according to the analysis is $20.85, which is likely the next resistance level where wave 3 might face challenges. This level is marked by a green horizontal line on the chart.

If the bullish momentum continues, the trader projects a potential move towards the $28.00 to $32.00 range (almost 200% from the current levels), as indicated by the green arrow on the chart.

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It’s worth noting that the 61.8% Fibonacci level at $10.90 has been crossed, potentially signaling the end of the correction phase. The 78.6% level at $8.21 could serve as strong support if there’s a deeper retracement.

The trader suggests that while the overall trend appears bullish, there’s a possibility of a short-term retracement back into the turquoise target zone. However, the bullish outlook remains intact as long as the lower boundary of this zone holds.

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The post This Crypto Trader Predicts Chainlink (LINK) Price to Explode by 200%, But Here’s the Catch appeared first on CaptainAltcoin.