Despite a widespread weekly gain in the crypto market, Chainlink (LINK) remains under significant bearish pressure printing losses across multiple time frames. Since hitting a local price peak of $29.28 in December, the altcoin has slipped into a downtrend losing over 56% since then. Amid this negative performance, top crypto analyst Ali Martinez postulates LINK could soon experience some short-term price gain. Related Reading: Massive Chainlink Demand Wall At $6.26 As 90K Investors Buy 376M LINK LINK Recovery Depends On Critical Trendline Support In a recent post on X, Martinez shares a positive technical outlook on LINK hinting the altcoin is likely to experience an upswing. This price forecast is based on a crucial ascending trendline that has acted as price support since mid-2023, ensuring a consistent formation of higher lows and higher highs. Based on the trading chart by Martinez, Chainlink is currently heading for a retest with the identified trendline near the 0.5 Fibonacci retracement level at $12.00. If LINK bulls can induce a sufficient surge in demand at this level, the following price bounce could ignite a b ..
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