Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ‘ATH Are Next’
Chainlink has shown volatility over the past few days, with the price plunging 12% before posting an impressive 13% rebound in less than 24 hours. This rapid rebound has fueled optimism among investors, who believe the altcoin’s resilience points to its potential for significant gains in the short term.
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Top analyst Jelle shared a technical analysis of X, describing the LINK weekly chart as slowly evolving into “a thing of beauty.” The chart suggests that Chainlink could see significant moves if key price levels recover.
The next few days will be crucial for LINK, as the new supply area has not yet been tested. A successful break above current resistance could trigger a massive rally, potentially pushing Chainlink to multi-year highs. However, failure to hold recent gains could lead to further consolidation or a pullback towards a test of the demand zone.
As market sentiment changes and technical indicators adjust, Chainlink is getting people’s attention traders and long-term holders. The stage is set for a potential breakout, and all eyes are on LINK to see if it can capitalize on its momentum and achieve the rebound many are expecting.
Chainlink prepares for rebound after correction of 42%
Chainlink (LINK) has had a challenging few weeks, with the price plunging more than 42% since mid-December. However, there are signs that this sharp correction may be nearing its end. Analysts are now speculating that LINK has hit a bottom as short-term price action suggests bullish momentum.
Top Analyst Jeller Shared detailed technical analysis on Xemphasizing that LINK’s weekly chart is “slowly turning into a truly beautiful thing.” He noted the importance of a painful but critical retest of the key support level that LINK successfully held. This resilience has boosted confidence among investors and traders that the worst may be over for altcoins.
Jelle identified the first key target for LINK at $30, where a new all-time high is expected if the bullish momentum continues. To achieve this, LINK must recapture key levels to break the daily downtrend and establish a bullish structure.
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The next few days will be crucial for Chainlink’s recovery. If LINK manages to hold support and break through short-term resistance, it could trigger the rebound many investors are anticipating. However, failure to maintain these levels could lead to further consolidation or even a retest of recent lows. The market is watching closely as Chainlink attempts to chart its next big move.
Prices Remain Firm: Key Levels to Watch
Chainlink (LINK) is currently trading at $20 after experiencing volatility on Monday, during which the price briefly dipped below the $17 mark before quickly recovering within hours. This dramatic rally has revived bullish sentiment, with many investors speculating that LINK may be preparing for its next big move.
The bulls appear to have the upper hand and the price is now on the verge of breaking above the $22 level. A successful recovery of this level would set the stage for a challenge to the local high of $25, which is a key resistance point for LINK’s short-term price action. Analysts believe that turning these levels into support could serve as a springboard for a sharp rebound, potentially pushing LINK to higher levels.
However, the journey ahead remains uncertain. LINK needs to maintain its momentum to avoid falling back into bearish territory. Failure to break $22 could lead to a reconsolidation or retest of lower support.
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Currently, all eyes are on Chainlink’s price action at this critical moment. A decisive break above the $25 mark could mark the beginning of a strong bullish trend, reignite investor optimism and set the stage for further gains.
Featured image from Dall-E, chart from TradingView
