Recently, Chainlink's price has been steadily increasing, generating optimism among analysts. One of them, CryptoMeownalysis, shared his insights on YouTube regarding LINK's price trajectory.
Current Support Levels for Chainlink
CryptoMeownalysis pointed out that Chainlink, while not making explosive moves, is maintaining a clean structure. LINK is making higher lows and holding important support levels. One such level is $8.12, which previously acted as resistance but is now serving as support. This area has held up twice, indicating strength. Additionally, staying above $12.27 is a positive signal that the bullish trend remains.
Upward Potential for LINK Price
CryptoMeownalysis identified a potential target range of $32 to $54 for Chainlink's future growth. While he did not specify an exact point, he believes this range makes sense based on historical responses of LINK to Fibonacci levels. According to him, the chart shows consistent higher highs, and the 0.786 Fib level could be the next resistance area.
Risks to the Bullish Structure
The analyst also discussed potential negative scenarios that could invalidate the bullish structure. If LINK retraces to the 0.618 level and starts forming lower highs, it could signal a shift towards a downtrend. However, as long as Chainlink holds above $12 and continues making higher lows, the bullish scenario remains intact.
According to the latest analysis, Chainlink is maintaining key support zones and may continue its upward movement. If the bullish structure holds, a significant rise in LINK's price could be on the horizon.
