Chainlink (LINK) shows notable recovery after a drop, establishing new support levels and positive forecasts for further growth.
V-Shaped Recovery Supports Bullish Trend
Chainlink (LINK) has made a sharp recovery from the $11.50 mark in mid-June, re-entering bullish territory. The cryptocurrency surged past the $20 mark, indicating high buyer demand.
The current price is retesting the breakout zone around $17–$17.50, which is now considered new support. This level is crucial and may become a launchpad for the next leg up.
Weekly Analysis Confirms Volumes and Positive Signals
On the weekly chart, a new crossover of the 9/21 moving averages has formed, indicating a strong potential trend reversal. Historically, such signals have preceded significant rallies for LINK, such as from $6 to over $20 in late 2023.
The MACD indicator also shows a bullish signal line, reinforcing the medium-term uptrend. LINK continues to trade above all weekly moving averages, suggesting strong bullish momentum.
Forecasts and Targets for Chainlink Ahead
Currently, LINK trades at $18.30, posting a 3.56% gain over the last 24 hours and a 1.45% increase over the week. Projections indicate potential targets between $20.50 and $22.00 in the short term, and if market conditions remain favorable, the level of $25 could become a reality. Bullish sentiment remains dominant, supported by analysis across various timeframes.
Chainlink (LINK) displays confident signs of growth, with new support levels and positive technical indicators. Interest in the asset continues to rise, which may contribute to further strengthening of its market position.
