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- LINK’s $13.55 bounce is a strength indicator, with targets of $25.80, $32.66, and $40.70.
- The ascending trendline is a strong support, resonating with a bullish theme for further upside.
- A break above $40.70 can propel LINK higher, while failure can test lower support levels
Chainlink’s is experiencing large price movements, with the asset trading in an ascending wedge pattern. The asset has reversed from the 0.786 Fibonacci level, confirming strong support at the lower trendline.
Market Trends and Price Movements
LINK price remains in an uptrend channel in which resistance and support levels dictate the direction of the price. A recent bounce at $13.55 shows that the price may resume the upward trend. Levels to be watched include $25.80, $32.66, and $40.70, which are robust levels of resistance. Previous patterns tell us that these levels can exert some influence on the next directional move of the market.
Immediate momentum is biased bullish as LINK maintains a historically significant retracement level. Breakout potential is still dependent on sustaining buying pressure, with a breakdown likely to challenge support levels to the downside.
Structure and Market Outlook
A closer analysis by Marzell indicates that LINK’s recent rebound is within its lower trendline. The 0.786 Fibonacci retracement level has also been a strong reversal level historically, lending credence to further gains. With continued buying pressure, LINK could push toward the $25.80 level before testing higher resistance.
Source: Marzell
As per Marzell’s report, the position of the asset within the wedge pattern currently leans toward a bullish bias. The ascending trend line continues to act as a support for price movement, deterring further pullbacks. The price could be pushed to new heights on a breakout above the $40.70 resistance zone if demand is maintained.
Marzell’s insights also highlight the importance of the $13.50–$15.50 area as an entry zone. LINK’s response here reaffirms strong accumulation, with market participants trusting the trend continuation. In case LINK keeps going up, upside targets remain on the table.
Market conditions will determine if LINK extends its bullish trend or faces resistance at key levels. If LINK’s price holds above the trendline, further upside is likely, pending prevailing market sentiment.