Chainlink Eyes $16.38 Resistance; Analyst Targets $100
Chainlink (LINK) is testing a critical resistance at $16.38 after finding support at $15.24. The price peaked at $16.36 before a 4.4% 24-hour decline. Weekly gains of 3.7% contrast with losses of 1.7% over 14 days. Technical analysis highlights key Fibonacci retracement levels: 0.236 at $14.97 (support), 0.382 at $15.75 (minor resistance), 0.50 at $16.38 (pivot). A break above $16.38 could signal a bullish move toward $17.01 and $17.91. The RSI sits at 41, indicating bearish sentiment, though an upward divergence hints at weakening selling pressure. Analyst Ali Martinez defines a no-trade zone between $13 and $26, awaiting a decisive breakout. Investor Jordan forecasts LINK could exceed $100 by year-end, boosting bullish sentiment. Chainlink traders should monitor the $16.38 resistance level for potential entry points. This analysis is informational and not financial advice.
Neutral
The report presents mixed signals: Chainlink has pulled back 4.4% as it tests the $16.38 resistance, yet technical indicators like RSI divergence suggest waning bearish momentum. Analysts highlight both a no-trade zone ($13–$26) and a potential breakout toward higher levels. Until the $16.38 pivot is convincingly breached, traders are likely to remain cautious, resulting in a neutral near-term impact. Short-term focus will be on price action around key Fibonacci levels; long-term bullish potential hinges on overcoming this resistance and validating the $100 target.