The LINK Marines really need to rally around their token in order to save the day!
We still remain on our bullish count which is shown on the chart, the a-b-c correction was a little more difficult to count than in other altcoins but nevertheless these wave movements don't look bad.
The unsettling and interesting detail in Chainlink is that we touched the 0.786 retracement perfectly a few hours ago and heavily pushed back since then. This may be very well a good start for our projected wave (iii) but the price needs to build up a lot of bullish momentum in the next days, and we absolutely shouldn't remain at these low levels in the future.
Keep in mind that our bearish alternative of a lower Cycle Wave (2) is still in place because Chainlink established a tough horizontal channel which lasted nearly 300 days as of now. Seriously, look it up on the chart and see it for yourself, it's kind of impressing...
The support at 5.39$ is crucial for our bullish count, and it would mean very bad news for our fellow Chainlink Holders if this level is breached. I can assure everyone on here that we are watching this very carefully and will update you guys if needed!
Please note that we are already invested in Chainlink since the 20th of June and 14th of February 2023, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long #1 Chainlink ( LINKUSD )
AVERAGE EXECUTION PRICE: 6.17$
LONGERM Target: +90$
Long #2 Chainlink ( LINKUSD )
AVERAGE EXECUTION PRICE: 6.58$
LONG TERM TARGET: +90$ and more