Chainlink's LINK Price Completes Five-Wave Recovery Structure

Chainlink's LINK price has completed a five-wave recovery structure from its recent low in September, according to crypto analyst Hov. This setup suggests another upward move could develop before a broader pullback.

Hov expects at least another higher move through a potential Wave C or Wave 3 structure, but also noted that the latest high could represent an expanded Wave 4, leaving room for another upward push toward $51 before a larger retracement develops.

The momentum oscillators on the four-hour LINK chart are confirming the current bounce-back trend, with the MACD blue line crossing above the orange signal line and the histogram remaining above the zero point. However, LINK faces resistance at around $12.90, which may require more volume to push the price upwards.

The Coinglass data shows a conflicting scenario in derivatives positioning for LINK, with trading volume falling by 14.91% while open interest grew by 1.78%. This disparity suggests that traders are still holding onto their positions despite reduced trade volume, making the market more vulnerable to a quick break above resistance.