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- LINK nears a breakout, probing significant Fibonacci resistance at $16.36, with targets reaching as high as $144.68.
- Strong bullish momentum picks up speed as LINK holds above $12.36, confirming an uptrend.
- Fibonacci extensions specify a patterned route for a 10X price movement that is backed by expanding volume.
Chainlink (LINK) is forming a cup and handle structure, which means a potential breakout. The present price is $14.02, and the key resistance and support levels overlap with Fibonacci retracement areas.
Technical Analysis of Market Structure, Momentum, and Key Price Levels
LINK has been consolidating after a lengthy accumulation phase, showing a likely breakout. Price has recently fallen to the $12.36 support level, which is in line with the 0.382 Fibonacci retracement. Breaking above the $16.36 resistance would confirm an uptrend.
According to Crypto Elites, LINK has been respecting significant Fibonacci levels, which reflects orderly price action. $16.36 is the first resistance at the 0.5 Fibonacci retracement level, and $21.67 is at the 0.618 level. Breaking through these levels would solidify bullish momentum, indicating the strength of the underlying trend.
Source: Crypto Elites
In his recent analysis, Crypto Elites shows a breakout pattern forming, with price levels at $53.82 (1.0 Fibonacci level), $100.47 (1.272 level), and $144.68 (1.414 level). These levels align with previous market cycles, which favor potential upward movement in the cryptocurrency market.
Projected Trajectory and Resistance Zones
LINK has tested a downward trendline resistance drawn from the 2021 high several times. Crypto Elites’ insights reveal that recent LINK price action implies a potential breakout attempt. Fibonacci extension levels offer organized targets for price appreciation, which allow traders to determine critical points for potential market entry.
Based on a technical analysis by Crypto Elites, the long-term remains bullish as long as price action stays above $12.36. If LINK breaks past $16.36 and breaches the trendline, this could trigger huge buying pressure, which in turn could increase the probability of additional price movement upwards. Psychological resistance at $100 could be a temporary barrier before the complete extension to $144.68.
The current market structure shows a long-term bullish trajectory, provided major support levels hold. Fibonacci extensions suggest a potential 10X move from current levels, and increasing volume is a sign of heavy market participation. Crypto Elites’ analysis also supports keeping an eye on Fibonacci levels, trendline resistance, and major support zones to gauge Chainlink’s price action.
