Chainlink (LINK) Weekly Price Analysis: Bullish Targets in Sight
Key Observations:
1. Trend Reversal Confirmed:
A major downtrend was broken, indicating a bullish shift in momentum.
2. Fibonacci Levels:
LINK has reclaimed the 50% Fibonacci retracement level, turning it into support.
3. Support and Accumulation Zone:
Historical support in the $7–$12 range (labeled "BUY THE DIP") remains a key accumulation area.
4. Future Price Targets:
2024 Target: $28.
2025 Bullish Target: $42.
Stretched Target: $80 for an optimistic scenario.
Outlook:
Bullish Scenario: Holding above $23 could lead to testing the $28 level. A breakout there may pave the way toward $42 in 2025.
Bearish Scenario: A failure to sustain above $23 might cause a pullback toward $18–$20, with strong support at $15.
Conclusion:
LINK is demonstrating strong bullish momentum, with its 2024 target of $28 in close range. Investors should watch for consolidation above $23 and monitor for potential pullbacks to capitalize on future gains.
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