- Chainlink Price holds strong above $18 after confirming a double bottom breakout from $11.20 support.
- LINK price trades within an ascending channel, with $13 and $14 acting as key long-term support.
- Technical breakout target from double bottom formation projects a move toward $24.80.
Chainlink price is showing steady price action, trading around $19.20 after a recent bounce from the $18 level. Technical analysts are closely watching the $13 support level, which continues to hold firm. This key area remains the base for a possible rally toward $46, as long as the current trend remains intact.
Chainlink Price Retests Breakout Zone After Double Bottom Pattern
Chainlink price has formed a classic double bottom pattern on the daily timeframe, which many traders view as a reversal signal. The first bottom was set around $11.20 in April, followed by a second dip to the same level in July. This confirmed support and created a clear neckline around $18.00.
After breaking through the neckline with strong momentum, LINK price pulled back for a retest. The price bounced off the same $18.00 zone, which now acts as support. This pullback and rebound confirm the breakout structure, adding confidence to the upward setup.
Source: X
Currently, the price sits near $19.20, and short-term resistance levels are marked at $21.00 and $24.50. Based on the measured move from the double bottom formation, a technical target of $24.80 is in focus.
Analyst Ali Chart mentioned on August 6 that, “Chainlink still has a clear path to $46 as long as the $13 support level holds strong.”
The wider structure also shows LINK trading inside an ascending parallel channel on the 3-day chart. The channel support is around $13–14, while the resistance remains near $27–28. The mid-range of the channel lies close to current prices, indicating a key decision zone.
Source: X
Momentum has shifted after the breakout, but traders are watching for a move above $21.50 to confirm bullish continuation. If LINK can stay above the $18 support, the next targets may include $24.50, $27.00, and potentially $34.00–$42.00 in the longer term.
However, if LINK falls below $16 or breaks the $14 zone, further downside to $13.45 or $11.60 may follow. For now, bulls remain in control above $18, keeping the $46 projection alive.
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