LINK (Chainlink) rate forecast for January 2024

Welcome to the crypto site. My name is Victor, here is my YouTube video and description on the topic: LINK (Chainlink) rate forecast for January 2024 #LINK-USDT, using the TradingView service. Read and write comments to this publication.

LINK (Chainlink) rate forecast

Monthly timeframe
I, Victor from CryptoViktor UA, am observing a build-up zone for Chainlink (LINK) on the monthly timeframe. This cryptocurrency is showing similarities in movement to Bitcoin, and I believe that it may go through a hoarding phase similar to Bitcoin, especially before halving.

Weekly timeframe

On the weekly timeframe, Chainlink (LINK) is showing signs of a potential decline. The stochastic indicator has been in the overbought zone for some time now, which may indicate the end of the current growth phase and a possible transition to correction.

Daily timeframe
On the daily timeframe, I also see a downward phase for LINK. The stochastic indicator and moving averages hint at this. Nevertheless, it is important to keep an eye on market signals as the situation may change.

Buyer/seller sentiment
Sentiment on the Chainlink (LINK) market is very mixed at the moment. Some traders are set to sell short, while others believe that there may be an upside. This indicates the divided opinions of market participants.

Bitcoin, bitcoin #etf
Regarding the news about Bitcoin ETFs, I believe they will have a key impact on the market going forward. Although big money is not in a hurry to pour into cryptocurrencies, strategic investments in bitcoin can push altcoins, including LINK, to grow.

Summary of the course forecast for the month
For the month, I see that Chainlink (LINK) may face a decline, but the overall trend remains unclear. It’s important to keep an eye on market dynamics, especially in the context of Bitcoin’s movements and the possible impact of ETF news.