LINK price is finally showing signs of recovery after spending most of the past week stuck in a bearish trend. The price has now broken out of that short-term downtrend, giving traders a reason to pay attention again. 

LINK price is finally showing signs of recovery after spending most of the past week stuck in a bearish trend. The price has now broken out of that short-term downtrend, giving traders a reason to pay attention again. 

Analyst Crypto Pulse highlighted that while the move is encouraging, LINK still needs to clear one key resistance level before a real trend shift can be confirmed.

Analyst Crypto Pulse highlighted that while the move is encouraging, LINK still needs to clear one key resistance level before a real trend shift can be confirmed.

What the Chainlink Chart Shows

What the Chainlink Chart Shows

On the 4H chart, LINK price has managed to cross above its declining trendline, and this signals that selling pressure may be easing. The token is at $17.50, testing the weekly key level.

On the 4H chart, LINK price has managed to cross above its declining trendline, and this signals that selling pressure may be easing. The token is at $17.50, testing the weekly key level.

This zone has been acting as a tough barrier for days, and whether the price can close above it will likely decide LINK’s short-term direction.

This zone has been acting as a tough barrier for days, and whether the price can close above it will likely decide LINK’s short-term direction.

If the breakout continues and bulls continue to drive LINK price, it could test the $20 zone, where the next important resistance is.

If the breakout continues and bulls continue to drive LINK price, it could test the $20 zone, where the next important resistance is.

But failure to maintain momentum now may see another fall to the $16.70 support area, an area that has attracted very intense buying interest over recent sessions.

But failure to maintain momentum now may see another fall to the $16.70 support area, an area that has attracted very intense buying interest over recent sessions.

Market Context and LINK Key Levels

Market Context and LINK Key Levels

The $16.70–$16.80 support range remains critical. This level has held up multiple times in the past few weeks, acting as a springboard for short-term recoveries.

The $16.70–$16.80 support range remains critical. This level has held up multiple times in the past few weeks, acting as a springboard for short-term recoveries.

As long as LINK price holds above this zone, the bulls are still in charge. However, if it falls below it again, the price will comfortably slide down to $15.40 or even $14.70, where there are still active older demand zones.

As long as LINK price holds above this zone, the bulls are still in charge. However, if it falls below it again, the price will comfortably slide down to $15.40 or even $14.70, where there are still active older demand zones.

Meanwhile, the general mood in the crypto space remains bearish but has improved somewhat, with Bitcoin trading near six figures. That stability could provide LINK the room it needs to coast on its present momentum.

Meanwhile, the general mood in the crypto space remains bearish but has improved somewhat, with Bitcoin trading near six figures. That stability could provide LINK the room it needs to coast on its present momentum.

Read Also: Analysts Say Dogecoin (DOGE) Chart Shows Signs of a Rally

Read Also: Analysts Say Dogecoin (DOGE) Chart Shows Signs of a Rally

Chainlink Price Short-Term Outlook

Chainlink Price Short-Term Outlook

The setup looks promising for now. LINK breakout from the trendline and the hold above its short-term support both suggest the downtrend might finally be losing steam. But confirmation will only come if the LINK price can close above $17.50 with strong volume.

The setup looks promising for now. LINK breakout from the trendline and the hold above its short-term support both suggest the downtrend might finally be losing steam. But confirmation will only come if the LINK price can close above $17.50 with strong volume.

If that happens, traders could start looking toward the $19–$20 range as the next short-term target. Until then, it’s a game of patience, with LINK bulls defending their ground and bears watching closely for any sign of weakness.

If that happens, traders could start looking toward the $19–$20 range as the next short-term target. Until then, it’s a game of patience, with LINK bulls defending their ground and bears watching closely for any sign of weakness.

Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.

Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.

The post Chainlink (LINK) Price Just Broke Its Downtrend – Here’s What Could Happen Next appeared first on CaptainAltcoin.

The post Chainlink (LINK) Price Just Broke Its Downtrend – Here’s What Could Happen Next appeared first on CaptainAltcoin.