Chainlink (LINK) has shown a significant increase due to active market changes, drawing the attention of traders and analysts. This article reviews the current state of the asset and its development.
LINK Testing Resistance After Prolonged Channel
Since early June, LINK's price has traded within a descending channel characterized by lower highs and lower lows. The recent bounce from the lower end of the channel has brought the price to the upper resistance area of $13.70-$13.80. Confirmation of a trend change requires a breakout above this zone, potentially exposing the next resistance levels at $15.00 and $16.00.
LINK Price Analysis: Support and Demand Zones
The lower end of the chart indicates a demand zone between $11.00 and $12.00 that held firm during previous sell-offs. This region is backed by multiple candlestick wicks and steady volume, forming a base for the current upward trend. Additionally, the general support zone from $10.50 to $11.50 continues to hold.
Analyst Commentary Adds Context
Analyst CryptoED expressed a bullish outlook for LINK price, stating that "the next leg is loading". This statement highlights Chainlink's collaborations with large institutions, supporting its long-term potential. While a breakout has yet to occur, the current chart structure and trading volume have drawn significant interest from market participants towards LINK.
The price of Chainlink remains a focal point for traders, and the current asset state may herald significant changes in the near future. An optimistic forecast alongside stable support levels could foster further growth.
