Chainlink (LINK) Grasps Firm Hand in Volatile Marketplace

• Chainlink (LINK) tests important $16-$18 levels of support; a break over $24 could validate a trend reversal toward upper levels.
• LINK faces a barrier at $22-$24; holding through important levels can move the price towards $28-$32, its most significant high
• If LINK fails to hold $16, further weakness towards $14 can follow, with investors closely tracking the market.

Chainlink (LINK) experienced increased volatility, with its price moving in and out of critical support regions. Traders closely monitor the market with LINK trading in a critical range, one that will determine its future direction of motion. The coin has depreciated over the week, and analysis for a potential reversal or further loss is underway.

A recent tweet shared by CryptoELlTES stated that Chainlink is preparing for a significant move. As per the tweet, the long-term downtrend is broken, and LINK is supporting at key levels. Targeted targets include $53, $100, and $144, with price fluctuations in anticipation.

Historical Price Movements and Market Trends

LINK has exhibited high long-term volatility, with its price having gone high in the range of $32 in the past and then having a long-term downtrend. With a correction, its price reached its current position, with investors closely following its level of support. Historical price actions have experienced LINK bounce off similar structures in the past, and its current position is important for future price actions.

Key Support and Resistance Levels

The price of LINK is at a firmly established range of $16 to $18 at the current level. It previously operated as a level of resistance, but then LINK broke out into a bullish move, and thus, it is a price level for stability. Any strong rejection at such a level, for instance, in current trading, is indicative of buying demand.

On the upside, resistances at $22 to $24, previously acting as a strong barrier, can be noticed. Breaching over these could push the price towards $28 to $32, a level previously representing LINK’s high preceding its current downtrend. Consistent bullish momentum could push the price towards even larger objectives.

Potential Scenarios for Price Action

If LINK can maintain its level between $16 and $18, a reversal towards $22 can become a reality. Breaching $24 can represent a change in momentum, and a new bull run can begin. Not holding its current level can represent a fall towards $14. Sustained fall can drive the asset toward its lower price levels in the past.

Market participants monitor price activity for further information. The cryptocurrency price continues to be uncertain, and whether its current support will prevail will rely in part on its future path. Chainlink (LINK) is at $17.89 at the time of writing, having fallen 3.65% over the last 24 hours. Over seven days, its price is down 28.04%.