Chainlink (LINK) Gains Technical Momentum with Double Bottom Pattern, Targets $18
Chainlink (LINK) entered technical traders' radar this week after breaking out of a long-term descending triangle chart pattern. According to analyst Jonathan Carter (@JohncyCrypto), the asset also broke above its 50-day moving average and now faces key resistance at $15,50.
"Chainlink is breaking out of a long-term descending triangle pattern, the 50-period moving average, and is currently facing resistance at $15,50 on the daily chart," Carter commented in a post on X (formerly Twitter). The expert added that, if the movement continues, the token could reach targets of $18,00, $22,50, and $26,50.
The pattern highlighted by the trader is considered relevant because it signals a trend transition, especially when the breakout occurs with increased volume and support above the moving averages. LINK's current technical behavior suggests that buying pressure has gained momentum, with the breakout of the 50-day moving average serving as a confirmation point for this change.
#LINK
Chainlink is breaking out of a long-term descending triangle pattern, the MA 50, and is currently facing the $15.50 resistance on the daily chart🔍
The continuation of this move could drive $ LINK targets toward $18.00, $22.50, and $26.50🎯 pic.twitter.com/a8CX3k1lMJ
— Jonathan Carter (@JohncyCrypto) July 12, 2025
The $15,50 level represents an immediate hurdle for the asset, but if overcome, it could pave the way for a more significant advance in the short and medium term. Targets like $18 and $22,50 already appear as technical milestones, while $26,50 is now considered a more ambitious level for more optimistic investors.
The optimism surrounding Chainlink reflects not only technical factors but also the project's recognition as a leading oracle provider in the cryptocurrency ecosystem. With the market alert to potential reversal signals, Carter's analysis reinforces the expectation that LINK could enter a new phase of appreciation.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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