Chainlink (LINK) appears to be forming an upward trendline that could push the price toward $33. In fact, the token has been one of the stronger performers despite the broader crypto pullback we saw over the past week or so. LINK is building bullish momentum, but the question remains whether it can sustain it. Key takeaways:
-
LINK has been testing the 200-day exponential moving average (EMA) over the past few days.
-
The token has displayed a bullish crossover between the 20-day and 50-day EMAs.
-
LINK has shown notable resilience despite downward pressure across the wider crypto market.
Source: Tradingview.com
Chainlink (LINK) — Price Outlook and Analysis
LINK showed signs of recovery following the Santa Claus rally in December and has since been probing resistance around $23.16. Despite substantial declines in the broader crypto market, LINK demonstrated exemplary resilience by pushing above that level.
At the time of writing, the token trades near $26.28 and is encountering solid overhead resistance close to $28.70. Given the bearish tone that affected most crypto assets over the previous week, LINK’s performance so far is relatively strong.
If LINK can break above $28.70, a move toward $33 becomes a reasonable near-term target. However, with overall crypto market sentiment still fragile, it may take some time for LINK to clear that hurdle decisively.
Should You Buy Chainlink (LINK)?
LINK remains a compelling long-term digital asset to buy and hold. The token has experienced significant drawdown, which can present an attractive entry opportunity for investors with a longer time horizon.
Fundamentally, the outlook is constructive, and current price action points to a short-term recovery that could offset some of the losses seen over the past seven days. Investors should weigh this technical momentum against persistent market-wide risks and manage position sizes and risk accordingly.