Chainlink native token LINK has seen some gains, surging approximately 10% in the past 3 days to reach $18.924. This latest price movement comes after the cryptocurrency found strong support around the $17.5 mark, a level that has consistently protected against further downside since December.
The current price action shows LINK trading within a descending channel, with price bouncing between well-defined support and resistance levels. The $17.5 support zone has proven particularly resilient, with multiple tests of this level resulting in strong rebounds.
On the upside, a descending trendline has been capping price advances, forming the upper boundary of the current channel.
LINK Target Price and Potential
Based on current market dynamics, LINK appears poised for a potential 24% surge from its current trading level. This target aligns with the upper resistance of the descending trendline, offering an attractive opportunity for traders looking to capitalize on the breakout attempt.
The overall market sentiment will play a crucial role in LINK’s next move. A sustained positive sentiment could help LINK break free from its descending channel, potentially triggering a stronger bullish trend. However, if the breakout attempt fails, LINK might continue its bullish accumulation phase within the existing channel.
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While the short-term outlook appears promising, traders should remain cautious of a potential retest of the $17.5 support level. Such a move would be normal market behavior and could provide another buying opportunity before the next leg up.
A decisive break above the descending trendline would likely confirm the bullish scenario, potentially leading to more substantial gains.
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