As we enter the last month of the year, the general market trends are showing an upward trend, but we are preparing to leave behind a weak year. Investors are looking forward to 2024 with great optimism for valid reasons. However, we still have one month to go and expectations for Chainlink’s performance in December are high.
After dropping to $4.78 in June, Chainlink’s price started to rise steadily. It experienced a significant increase in value after hitting a higher low in September. This increase was partly due to the increasing interest in Swift partnership and the tokenization of real-world assets.
The popular altcoin reached its peak of $16.6 with a 200% increase on November 11th. This gain was achieved in just 56 days. Then the excitement faded and candles showing a downward trend followed. During the same period, volatility increased for Bitcoin, which weakened altcoins.
Analysts are focused on the stake pool expansion expected to be completed by December 11th. This event had supported the price in the same period last year and is expected to continue to do so in the medium and long term. CryptoPoseidonn made a reverse prediction suggesting that the price could approach $1. RektCapital was also bearish but not as radical as the previous analyst. According to him, closing below $15 could cause a change in the downward trend.
Elliott Wave analysis indicates that we are at the end of the fourth wave of a five-wave upward movement. A breakout from the pattern could initiate the final wave. In this scenario, the target is for the price to rise to $19. However, a breakdown below the pattern could lead to a 25% drop.