Chainlink (LINK) is demonstrating a bullish structure, trading around $16.80. The current technical situation indicates movement within an ascending channel.
Factors Driving Chainlink’s Bullish Structure
Since late 2023, Chainlink has adhered to a long-term ascending channel. This structure has served as a roadmap for support and resistance interactions. Currently, the price is consolidating after facing resistance in the $18–$19 zone, which coincides with the 0.236 Fibonacci retracement level against the high of $46.
Future Price Movement Prospects for Chainlink
The $13 support level plays a central role in maintaining the upward trend. If the price remains above this level, it validates the bullish structure. A bounce off this support is expected to send LINK back to the middle of the channel at around $21, then resistance would be around $27–30.
Significance of Current Price Action
Currently, LINK has gained 2.19% in the last 24 hours but shows a 6.93% decline over the past week. The 24-hour trading volume is $340,490,622, indicating active market participation. Observers are closely watching the $13 level as a litmus test for future direction. If bulls defend this key support, it could provide a base for another upward move within the channel.
Thus, maintaining the $13 level is critical for further growth of Chainlink, while optimistic projections remain intact due to the existing ascending channel structure.
