LINK’s Price Rebounds, But Can It Overcome Key Resistance at $23?

• LINK rebounds from $18 but faces strong resistance at $23, needing a break above $20 to shift momentum.
• TD Sequential signals hint at a potential trend reversal, but the bearish structure still dominates the market.
• If LINK fails to hold support, another drop below $18 could trigger further declines amid persistent selling pressure.

Chainlink (LINK) trades in a downward trend recently touching a low of $18 before bouncing slightly. The price action has been bearish, breaking through previous support levels and forming lower highs. However, the recent market movement suggests a potential relief rally as buyers step in near key support.

LINK Faces Resistance After Support Rebound

The price of LINK is currently trading at $19.10, reflecting a modest recovery from its recent low. The support level at $18 has proven significant, with buyers preventing further downside. However, resistance remains a key hurdle, especially near the $23 level.

The TD Sequential indicator signals critical reversal points, highlighting exhaustion in previous price peaks. The number “9” appeared twice, marking local tops before bearish moves. Additionally, a “S13” sell signal confirmed a bearish setup before the recent decline. Despite these signals, the market shows early signs of a potential shift in momentum.

Potential Reversal or Continuation of the Downtrend?

A highlighted section on the data suggests the early stages of a TD Sequential buy setup. Green numbers “1” and “2” indicate possible upside momentum forming. If LINK maintains support above $19, it could target $21 or higher in the short term.

Resistance levels extend to $26 and $28, with the strongest barrier near $30. Past price shows heavy selling pressure at these levels, making them crucial for future moves. The price must reclaim $20 for bulls to gain further control.

Despite the short-term bounce, the overall trend remains bearish. Lower highs and lower lows dominate the market structure. If LINK fails to reclaim key levels, another retest of $18 remains likely. Additionally, if bears regain strength, prices could break below this support, leading to further declines.