- LINK has broken out of an Inverse Head and Shoulders pattern, signaling a bullish reversal and the potential for continued upward movement.
- Strong support has formed around the $14.90 and beyond, reinforcing bullish momentum as LINK trades just below the key $16 resistance.
- Upside targets include $17.60 and beyond, provided broader market conditions remain favorable, especially with Bitcoin’s price action in focus.
LINK is riding bullish momentum, just around its level of resistance. Recent price action is an indication of buying interest, promoting it for upside, and support levels remain intact, and market mood is optimistic overall. Traders and investors are watching this token to gain maximum recovery post-breakout.
Currently, LINK is trading at $15.75 with $529.39M 24-hour trading volume and a $10.32B market cap. Its price in the last 24 hours and last week has been affected by market fluctuations, but its price within the last month is up by 17.58% and has great potential for the new and fresh breakout.
Source: CoinMarketCap
LINK Shows Strong Momentum With $17.60 in Sight
A prominent crypto analyst highlighted that LINK is hovering around crucial $16 resistance, caught between unpredictable market uncertainty and rising bullish momentum; the price remains indecisive as buyers and sellers battle for control. Such trading is one indication of mounting pressure, as market players wait anxiously for that breakout moment.
Source: X
$16 has remained a critical resistance, and its ongoing testing is bullish for mounting momentum, which can push it to an even more powerful push. Such movement might turn LINK into an attractive trade for momentum players, provided it is supported by strong market sentiment and solid trading volumes. In the meantime, it is in a critical position; this breakout might decisively turn momentum towards $16.80.
Moreover, another crypto analyst suggested that Chainlink has broken above an Inverse Head and Shoulders chart pattern, one of the classic signs of an imminent reversal in favor of an uptrend following an established downtrend. Following the breakout, coin pulled back to revisit the $14.90 neckline, which has since acted as a reliable support level.
Source: X
With support building and momentum gaining, LINK is positioned to potentially experience an upswing. Top targets of this upswing include $17.60, $19.60, and $21.60. Yet, Bitcoin’s price action is still one of the main unknowns that might affect LINK’s chances to reach these targets fully. However, the technical setup is strong enough to support movement towards at least the first two levels of resistance, assuming overall market conditions remain supportive.
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