Chainlink (LINK) Rebounds From Key Support, Eyes Breakout Toward $35

News, Trending

  • Chainlink bounced from $13.87, finding support at the 0.786 Fib level, preventing further dips.
  • The price tests a descending trendline, with analysts watching for a probable breakout above resistance.
  • If LINK breaks resistance, projections indicate a move toward $30, with $35 as a key technical target.

Chainlink has rebounded from the 0.786 Fibonacci retracement level after finding strong support in the demand zone. The price is moving towards a critical resistance level as market participants monitor its next move. A breakout from the descending trendline could confirm a shift in momentum, potentially signaling a bullish phase in the market.

LINK Finds Support at Fibonacci Retracement Level

Tracking the market analyst observations, LINK price tested the 0.786 Fibonacci level around $13.87 before rebounding. A descending trendline was broken, indicating a shift in movement. The chart marks a possible retracement before a rise toward $30. The support zone aligns with previous consolidation levels, reinforcing the price structure.

Source: Rose Premium Signals (X)

Buyers have defended the support zone, preventing further declines. The recent bounce suggests a possible reversal, with price action now challenging key technical levels. The Fibonacci retracement tool helps traders identify potential reversal points, and LINK’s reaction at this level reinforces its significance in market structure.

LINK’s price is approaching a descending trendline that has contained its movements for a considerable period. The current price action suggests an attempt to surpass this resistance level. A successful breakout could indicate renewed strength in buying pressure, potentially shifting the trend in favor of bullish momentum. 

Potential Target Set at $35

If LINK successfully breaks above the descending trendline, it may open the path for further upward movement. Technical projections suggest that $35 could be a key price level to monitor. The market response to this breakout attempt will determine whether LINK can sustain its upward trajectory. Traders are assessing volume trends and momentum indicators to gauge the likelihood of continued price increases.

LINK exists in a critical phase that shows itself through its current price fluctuations. LINK may continue its price rise after a confirmed breakout and will possibly maintain current resistance levels to show additional consolidation instead. The demand area presents crucial support for LINK price levels and the descending trendline functions as its main resistance barrier.

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