As Bitcoin stabilizes around $43,000 with minimal fluctuations, here's an analysis of the altcoins Chainlink (LINK) and Near Protocol (NEAR) for Wednesday, January 17.
Chainlink (LINK)
Despite Bitcoin's recent correction, LINK maintains a positive market stance, continuing its upward trend. Currently, its price hovers near the resistance area of $15.9–$16.5.
A successful break above this resistance could lead to seller reactions in the $17.10–$17.65 range. A breach of the $17.65 level might propel LINK to as high as $20, a price point not seen in the past eighteen months.
In a less likely correction scenario, LINK could retreat to support levels at $14.4–$15, $13.5, and down to $12.25–$13. A major downturn would only be triggered by a substantial Bitcoin correction and LINK's price falling below $10.
LINK chart on the H2 timeframe
Near Protocol (NEAR)
After hitting a yearly high at $4.62, NEAR underwent a 30% correction and is now trading near the support zone of $2.75–$3.05. The chart shows no clear dominance by either buyers or sellers, making its next move somewhat unpredictable.
If buyers manage to push from this support, NEAR could challenge the $3.67–$3.9 range and potentially ascend to $4.15 and even $4.40–$4.62, particularly if Bitcoin remains stable above $42,000.
Conversely, a further decline in Bitcoin could lead to NEAR’s continued drop, possibly testing the next support level at around $2.28.
NEAR chart on the H3 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
