Chainlink Needs a 5-wave Move and $24 Breakout to Confirm a New Uptrend

3 mins mins

Key Insights:

Analysts say Chainlink needs a confirmed 5-wave impulse and breakout above $24 to signal a new trend.
A falling wedge breakout could push Chainlink toward $30–$31 if current momentum continues above resistance.
LINK must stay above $19.48 support to keep the bullish structure valid despite weak MACD momentum signals.

coincu A satirical rollercoaster with five loops labeled as wav 7df3b96c 6f34 485e 8807 fdbd30a4b619 1 — *Chainlink Needs a 5-wave Move and $24 Breakout to Confirm a New Uptrend*

Chainlink (LINK) is trading near a key technical point as traders watch for signs of a new upward trend. Analysts are watching closely to see if LINK can break above the $24.00 resistance line. Analysts are watching the $24.00 price line as a possible breakout point.

Five-Wave Move May Signal Reversal if Price Breaks $24

Crypto analyst MoreCryptoOnl explained that LINK completed a 3-wave correction and is now starting a 5-wave impulsive move. This pattern often marks the beginning of a price increase, but only if the next wave continues to rise.

He analysed that $24 is a crucial level to confirm the start of a new uptrend. Fibonacci resistance levels are between $24.66 and $26.41. He added resistance near $27.86, which could act as a short-term cap if the price moves higher.

These areas may be tested if LINK breaks through the $24 barrier. On the lower side, support between $21.87 and $22.37 remains strong.

Technical Support Remains Strong Near $22

However, crypto analyst CryptoVIPsignal notes that Chainlink tests the upper resistance of a falling wedge, a pattern often linked with bullish reversals. The chart shows that LINK recently bounced from the wedge’s support zone near $21.92 and is now trading around $22.54.

The analyst notes that a breakout above the wedge could trigger a rally toward the $30–$31 resistance zone, which marks a key target area. This move would follow the typical wedge breakout pattern, which can happen quickly once confirmed.

Chainlink (LINK) is currently priced at $22.99, showing a 3.20% gain in the past 24 hours. The token has recorded a 24-hour trading volume of $887.5 million, reflecting vigorous market activity. This price update places LINK in a positive short-term trend as traders monitor whether momentum can extend further.

Long-Term Support at Risk if $19.48 Fails

Meanwhile, Analyst TheCryptoLark noted that LINK must stay above $19.48 to avoid more downside. This level has acted as both resistance and support in recent months. A drop below this price could weaken the market structure.

The MACD indicator is still negative, showing that momentum is not yet strong. LINK remains above both key support zones and is currently holding a short-term upward trend.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.