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Chainlink (LINK) Rebounds From Key Support, Eyes Breakout Toward $35
In a surprising yet promising turn of events, Chainlink (LINK) has bounced back from the 0.786 Fibonacci retracement level and is now poised to potentially breakout above critical resistance levels towards $35.
As market participants closely monitor LINK’s price action, it appears that buyers have successfully defended the support zone, preventing further declines. This recent bounce suggests a possible reversal in the market structure, with the cryptocurrency currently challenging key technical levels.
The Fibonacci retracement tool, widely used by traders and analysts to identify potential reversal points, has proven particularly useful in this scenario as LINK’s reaction at this level reinforces its significance in the overall market trend.
A critical descending trendline that had previously contained LINK’s movements for a considerable period now serves as the primary resistance barrier. The cryptocurrency is attempting to surpass this obstacle, which could signify renewed strength in buying pressure and potentially shift the trend in favor of bullish momentum.
In the event that LINK successfully breaks above this trendline, it may open the door for further upward movement. Technical projections suggest that $35 could be a key price level to monitor, as traders and analysts assess volume trends and momentum indicators to gauge the likelihood of continued price increases.
As LINK continues to fluctuate within this critical phase, market enthusiasts are eagerly anticipating the outcome of its current price movements. If the cryptocurrency successfully breaks above resistance, it may continue its upward trajectory and maintain current support levels, potentially showing additional consolidation before making another move.
The demand area remains a crucial support level for LINK’s price movement, while the descending trendline continues to pose as its primary barrier.
Source: https://cryptonewsland.com/chainlink-link-rebounds-from-key-support-eyes-breakout-toward-35/
