Chainlink (LINK) is trading at approximately $21.51, remaining above crucial support. It struggled to extend beyond the mid-$27 resistance, leading to a reversal. LINK slipped towards $21.43 on the weekly chart, a decline of 6.66% per week, sparking cautious optimism among the investors.
Analysts suggest $20 acts as a strong accumulation zone. Such a setting fuels speculations of a prospective breakout towards $30, if bullish momentum further gains strength in further sessions.
Chainlink has a 24-hour trading volume of $1.46 billion. Its market cap is $14.59 billion with a dominance level of 0.38%. Although the broader market remains weak, LINK rose 0.04% during the last day, displaying strength and generating speculation regarding near-term price direction.
Crypto analyst CryptoPulse confirmed LINK’s buy zone and marked the $20 level as a good zone of accumulation. The prediction remained as expected and maintained optimistic hopes. Initial positions taken around the zone are likely to profit significantly once LINK returns into an up-trending motion during the next weeks to the analyst.
The analyst highlighted $30 as the initial upside target. Future adjustments are possible with evolving chart patterns. Daily weekly community update and live trade chat further reflect optimism regarding LINK’s direction. Prospects suggest potential for sustainable growth as long as buyers remain consistent and support current supporting levels.
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Prices above $20 remain the catalyst for LINK’s near-term upside. Buyers stepping in around this level highlight strong market confidence. A breakthrough towards $30 could induce a new cycle, and Chainlink may see high gains both short- and medium-term.
Supports are at $20.78 and $19.50 immediately, both of which are tied with prior weekly closes. These are part of the wide consolidation area from $20 to $37. Protection of these areas will be important for continued recovery. Breaking through could shift the momentum and bring risks through the deeper demand zone around $18.
If LINK remains above $20.78 and extends above $22, the next target becomes the $27 resistance zone. A definitive break above $27 clears the path towards $36.86. However, new selling pressure can bring LINK back down and test the markets once more.
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