Chainlink (LINK) bounce out of a bearish phase

This content aims to enrich readers' information. Pintu collects this information from various relevant sources and is not influenced by outside parties.

Chainlink price showed signs of a potential reversal as it seemed to be facing resistance at $14. The coin formed a hammer candlestick and retested the lower boundary of the rising channel, forming higher lows. This could be an early indication that a price reversal may be imminent.

If the bulls manage to push LINK further up, then the next short-term price target could be $24, which corresponds to the daily 1,618 Fibonacci retracement level. However, if the bears manage to break down the price below $13 and manage to sustain the move, then further losses towards $10 are likely.

Chainlink (LINK) price has been on a wild ride lately, with its high volatility making it difficult to predict which direction the token will take next.

After bouncing back from a bearish phase, LINK is currently trading at $13.50, down 3% in the last 24 hours. The previous rise came after US President Donald Trump announced plans for the country’s first crypto reserve.

Although LINK was not specifically mentioned, the president stated that the reserve would include “other valuable cryptocurrencies.”

LINK Technical Analysis

Chainlink (LINK) price showed signs of a potential reversal as it seemed to be facing resistance at $14. The coin formed a hammer candlestick and retested the lower boundary of the rising channel, forming higher lows. This could be an early indication that a price reversal may be imminent.

If the bulls manage to push LINK further up, then the next short-term price target could be $24, which corresponds to the daily 1,618 Fibonacci retracement level. However, if the bears manage to break down the price below $13 and manage to sustain the move, then further losses towards $10 are likely.

LINK price chart on the daily timeframe. Source: TradingView

Chainlink network continues to grow

Chainlink network is expanding rapidly, playing a key role in the adoption of Web3 technologies. Major institutional investors, including Donald Trump’s World Liberty Financial (WLFI), have shown interest in the network.

Last week, the network reported 11 new integrations across four services and 12 different blockchain ecosystems. This expansion showcases the increasing importance of Chainlink in the decentralized finance space.

The crypto market is still holding strong bullish hopes with regards to US crypto reserves. However, according to analysts at CoinCodex, they are leaning bearish. They predict that this is the best performance that LINK will see for the rest of March.

By March 31, LINK is expected to return to $13.35, about 5% lower than its current price.

The momentum may be driven by the increasing belief that these coins will be included in a potential crypto reserve held by the US Government. This expectation as well as the latest network updates paint a promising future picture for LINK. Investors are therefore expecting a surge in this altcoin.

From now until May, experts at CryptoTotal return better-performing altcoins like Ripple (XRP) and Stellar (LUMEN) to generate an 80% return.

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.