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Chainlink (LINK) Bullish Structure Hangs On Key Support Zone – Analyst

In line with the general crypto market, Chainlink (LINK) registered a significant price gain in the last week rising by 20.41% according to data from CoinMarketCap. Interestingly, X-based market analysts More Crypto Online have rolled out a market condition critical to sustaining this price uptrend. Related Reading: Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ‘ATH Are Next’ Chainlink Faces Potential Correction In a recent X post, More Crypto Online shared a cautious technical analysis of the LINK market. Using the Elliott Wave Theory, these analysts have determined Chainlink must stay above $23.85 to preserve its current bullish trend. For context, the Elliott Wave Theory is a trading tool used by traders to predict market breeds based on crowd psychology and market cycles. In price prediction, the Elliott Wave Theory can often present a white scenario i.e. the optimistic bullish case and the yellow wave i.e. an alternative case most likely a correction before an uptrend continues. For the LINK market, the white scenario assumes upward movement will continue provided the asset stays over $23.85 which represents a critical support zone. Any price fall below $23.85 could cause a shift in market dynamics, potentially halting Chainlink’s bullish charge. However, there is also potential for a corrective yellow wave. In this context, this yellow wave follows as an initial upward movement and represents only a temporary pullback before the trend resumes its bullish trajectory. According to the analysts at More Crypto Online, if LINK dips below $23.85, the corrective wave is expected to occur between $19.26 and $22.39, converting this region to a potential retracement zone for further gains. Related Reading: Chainlink Whales Accumulate $77 Million LINK Amid Price Correction – Details Chainlink Heading For Major Price Break? In other news, certain crypto analysts are highly bullish on LINK amidst the asset’s price rally. In an X post, market pundit AMCrypto has backed Chainlink to experience massive price gains in February. According to AMCrypto, LINK is currently still in consolidation despite recent gains. The analyst predicts the cryptocurrency will experience more weeks of range-bound movement below $30, before executing a major price breakout in February. Based on AMCrypto’s forecast, Chainlink is expected to trade as high as $54 in this projected price surge indicating a potential 125.37% gain on the coin’s current market price. At the time of writing, LINK trades at $23.95 following a 2.75% decline in the past day. On the other hand, the tokens’ trading volume valued at $957.45 million reflects a 13.97% gain in the past day. With a market cap of $23.94 billion, Chainlink continues to rank as the 12th largest cryptocurrency in the world. Featured image from Bitcoinist, chart from Tradingview CoinTurk News

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Investor Chris Burniske Sees Crypto Entering ‘Goldilocks Period’ Amid Support From Incoming US Administration

Venture capitalist Chris Burniske believes crypto is about to enter uncharted territory as the United States welcomes a second Donald Trump presidency. Burniske tells his 317,600 followers on the social media platform X that he thinks Bitcoin’s ( BTC ) four-year cycle may witness an abrupt end with the installment of a pro-crypto US government. BTC’s four-year cycle is based on halving events when Bitcoin miner rewards are slashed in half every four years. In the past, halvings have correlated with parabolic rallies for Bitcoin as the reduction in new BTC emissions created an imbalance between supply and demand. Says Burniske, “Continue to believe there are high odds we break the simplistic four-year cycle that BTC has honored the last ~12 years… With a supportive US administration, crypto could be entering a Goldilocks period over the next many years, where returns aren’t as parabolic, but instead we see steadier growth, not to mention majors stop suffering 85-95% drawdowns.” In investing, a Goldilocks scenario is when an asset class sees moderate and sustainable growth over a long period of time. Burniske also predicts market meltdowns that crypto investors have been accustomed to will likely be in the rearview mirror once digital assets enter Goldilocks territory. He believes that exchange-traded funds (ETFs) will support the steady rise of crypto assets while minimizing market drawdowns. “On drawdowns: I’m not saying they’ll stop, I’m saying it’s possible they get less extreme for the majors, which could whiplash people who overtrade with too much aggression… I also think BTC and ETH both having ETFs, and perhaps SOL+ soon, will provide more consistent buying pressure for these assets.” While the investor believes in steady growth for large-cap coins, he notes that digital assets could still witness gut-wrenching corrections but they likely won’t be as severe as the ones seen in the past. “If you ever want to see the percentage drawdown BTC could be exposed to, look at the 200-week SMA (simple moving average), which has been our most reliable technical support each bearish period. Right now at ~$40,000 that suggests a 60% drawdown is possible, which is a far cry from 80%+ (has to drop another 50% from 60% down, to hit 80% down). As BTC rises, so too will the 200-week SMA.” Burniske concludes by saying that 2025 will likely be a “great year” for crypto investors. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Investor Chris Burniske Sees Crypto Entering ‘Goldilocks Period’ Amid Support From Incoming US Administration appeared first on The Daily Hodl . CoinTurk News