Chainlink (LINK) is facing downward pressure after a nearly 5% dip in the past 24 hours, bringing its price to $16.61.
Despite the pullback, analysts remain confident that the altcoin’s bullish trend is intact as long as it maintains support above $13.
Crypto analyst Ali highlighted that LINK’s structure continues to show strength, projecting potential targets of $26, $34, and even $50 if the current ascending channel remains in play. According to his analysis, there is “no reason to be bearish just yet,” provided that LINK does not lose its critical support zone.
Currently ranked 14th by market capitalization at $11.26 billion, Chainlink has seen a 5% weekly decline. Trading volume over the past 24 hours reached $955 million, suggesting ongoing market interest even during its pullback.
The coming weeks could be pivotal for LINK, as holding above $13 may solidify the foundation for a new upward cycle. A break above $20 would likely confirm momentum toward higher price levels.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
Source: https://coindoo.com/market/chainlink-price-holds-key-support-as-analyst-sees-bullish-path-ahead/