Chainlink Holds Crucial $20 Support, Rally to $47 Possible
Chainlink (LINK) is currently valued at over $14.57 billion, with its price hovering near $21.28. Analysts are closely watching the $20 support level, as maintaining it could spark a significant rally.
Chainlink has been trading near the $21.28 mark, successfully defending the critical $20 support level. This has been crucial for sustaining its bullish momentum. If buyers continue to hold this level, they could regain control and push the price towards higher ranges, as projected by analyst Ali Martinez. He believes that if Chainlink maintains its strength above $20, it could rally towards his $47 target.
However, failure to hold the $20 support may expose Chainlink to lower levels, potentially dropping to $15 or even $12.27. Another key level to watch is $22, according to analyst Posty. Reclaiming this level with a successful daily close could confirm renewed momentum for Chainlink. In the last 24 hours, Chainlink traded near $21.49, marking a 1.32% gain. Along the way, interim targets include $29 and $36.
Chainlink's price action is closely monitored around the $20 support level. Maintaining this level could open the door to a potential rally towards $47, as projected by analyst Ali Martinez. However, a failure to hold this support may expose Chainlink to lower levels. The next key level to watch is $22, with a successful daily close above it potentially confirming renewed momentum.
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