This article examines the current price status of Chainlink (LINK) and potential scenarios for its movement in the near future.
Current Market Situation for LINK
Chainlink (LINK) prices have been in a consolidation phase above the $13 mark. Recent candles are hovering around $13.43, indicating a reduction in bearish pressure compared to the strong downtrend visible in June. This suggests that the market is undecided, setting the stage for a possible breakout.
Potential for Price Growth
Technical analyses indicate that if the LINK price breaks above $13.57, it could pave the way towards $15.50, corresponding to a growth of approximately 14%. A breakout above this level might lead to retesting the $18 level, implying a potential gain of up to 32% from the current price.
Key Support Levels and Forecast
In the event of a decline, if the LINK price fails to hold above $13.00, the next support zone lies in the range of $12.20–$12.50. Should this level be breached, the next significant support will be around the psychological $10 level. Currently, LINK price shows signs of ending its downtrend, presenting an opportunity for growth towards $15.50–$18.
In the short term, technical analysis leans slightly bullish but requires confirmation. For a solid bullish breakout, LINK must close above $13.57 with increasing trading volume.
