Chainlink (LINK) Targets Rebound To $19 — But Only If This Key Support Holds
Chainlink (LINK) has experienced significant bearish pressure, losing over 56% since its peak of $29.28 in December. Despite this, analyst Ali Martinez suggests a potential short-term price gain, contingent on a critical ascending trendline support established since mid-2023. LINK is approaching a retest of this trendline near the 0.5 Fibonacci retracement level at $12.00. A successful bounce at this level could lead to a price rally towards $19, with a possibility of reaching $30 if buying pressure is strong. Conversely, failing to maintain above $12.00 could result in declines to around $10.00 or as low as $5.00. Additionally, PayPal has integrated Chainlink into its platform, allowing users to buy, hold, send, and receive LINK, which may enhance token demand. Currently, LINK trades at $12.91, reflecting a 0.62% decline in the last 24 hours, with bearish sentiments indicated by a Fear & Greed Index of 26. Analysts project a potential rebound to $15.32 in five days and $17.46 in a month.
