Chainlink (LINK) is showing signs of stability after a slight correction, with analysts pointing toward a potential retest of the $27.8 level.
LINK Chart Signals a Possible Retest
Veteran trader Matthew Dixon highlighted in a recent chart that while LINK corrected from its recent high, the setup suggests a retest of the key level around $27.8 in the upcoming days. Dixon points out that this area is crucial to watch.
Fundamentals Add to the Bullish Case
Chainlink's fundamentals remain strong, with the network continuing to dominate the oracle space. Increasing use of the Cross-Chain Interoperability Protocol (CCIP) facilitates information and value exchange between various blockchains.
Chainlink Price Short-Term Outlook
For short-term traders, the key level is the $27.8 resistance. A break above this could lead LINK towards $30 and beyond. Conversely, a drop below $23 may indicate a weakening buying interest.
Overall, Dixon sees the structure leaning bullish. As long as the broader crypto market remains calm, Chainlink appears ready for another push towards the $27 level and potentially new highs.
