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LINK There are many obstacles on the chain: LINK faces three major levels in the range of $12 to $53. Where to find the next target?
Recently, the crypto market experienced a sharp correction for two days. Bitcoin (BTC) prices once fell to the US$80,000 range, and Ethereum (ETH) fell back to around US$2,400. This round of adjustments has also affected popular altcoins that have previously performed strongly and are slowly rising. Despite market fluctuations, altcoin enthusiasts still have high expectations for potential currencies.
Specifically, Chainlink (LINK), an industry benchmark, is currently facing three main resistance zones on its way from current prices to higher goals, with the range extending from $12 to $53.
LINK encounters a triple resistance test
According to market analysis data, the popular altcoin LINK is currently trading at approximately US$12.94, which has fallen more than 1.6% in the past 24 hours. During this period, its lowest hit $12.1. Yesterday, LINK barely stayed above the $13 range despite declines in BTC and ETH prices. However, the second consecutive day of decline eventually pulled the overall price of the altcoin lower.
Despite the correction in prices, many analysts and experts see it as a healthy correction aimed at absorbing profit-taking from the rapid gains of the past few weeks. Currently, some analysts believe that this correction phase may be over. As the market stabilizes, bitcoin and altcoin prices are expected to move to higher levels in the coming weeks and months. Some opinions even predict that BTC is expected to regain the US$90,000 mark in November.
This optimism also extends to potential altcoins. One analyst pointed out that LINK currently has three resistance areas that hinder it from achieving its $50 bull market target. According to his analysis, the weekly chart showed that it had experienced a significant bottom-to-top rebound of approximately 3,433%, 360%, and 288%. After a long-term accumulation range of below $9, the market ushered in a significant recovery.
Key Points and Breakout Paths
The analyst expects LINK to soon rebound from its recent bottom and regain its key position of US$13.95. Once prices recover, the market will face broader structural challenges of "lower highs". The primary testing area is $15 to $16. If the weekly closing price stands above this range and successfully carries out backtest confirmation, it will further consolidate the recovery and turn its attention to the next target range-US$20 to US$23. This area also corresponds to a downtrend resistance line.
If we can break through these two major resistances at the same time, it will be a stronger signal that the overall downward trend is changing. Above it,$28 to $31 is the last major historical resistance area. If the bullish scenario continues, prices will point to $40 and eventually challenge the previous high (ATH) near $53. If it fully returns to US$53, it means about 280% room for upside compared to the current price.
To sum up,$10 to $12 is the first support level that needs to be maintained. If this level is lost, the rebound will weaken and the market focus may return to the bottom range of US$7 to US$8. The green upward path depicts a pre-impact high scenario, and turning resistance into support is the key to strengthening this bullish logic.
