- Chainlink price approaches the 100 percent extension level near the $15 mark
- Technical structure remains fragile despite short term upward price movement
- Key support zones hold as traders watch confirmation above resistance levels
Chainlink showed renewed activity during recent sessions, drawing attention from technical analysts. Price moved higher from recent lows, while traders monitored resistance and extension targets.
Charts shared by More Crypto Online indicate a possible move toward the $15 area. The analyst noted that this level aligns with the 100% extension target.
While price action improved, market structure remains delicate. Analysts continue to watch confirmation signals before calling a sustained trend shift.
Chainlink Price Action Approaches Key Technical Levels
On the one-hour chart, Chainlink rebounded from the $11.80 support zone. This area aligns with Fibonacci retracement levels between 61.8 percent and 78.6 percent.
The rebound followed a corrective move that tested multiple short-term supports. Price then formed higher lows, suggesting short-term stabilization.
More Crypto Online stated that “the price might have started the journey to $15.” The analyst added that the structure remains fragile despite the upward attempt.
Resistance near $13.50 and $14.00 remains active. Price must hold above these zones to maintain upward momentum.
Market Structure Remains Fragile Despite Recovery Attempt
Despite the recent bounce, the broader structure shows ongoing weakness. Previous lower highs remain unbroken on higher time frames.
Elliott Wave markings on the chart suggest a corrective phase is still active. Price action has not yet confirmed a full trend reversal.
Analysts note that failure to hold above current levels could renew downside pressure. Support near $12.00 remains critical in that scenario.
A sustained move toward $15 would require stronger follow-through. Traders also monitor reactions near intermediate resistance zones.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
