LINK Price Hits Resistance With $10.21 as Next Target in ABC Wave Structure

Key Insights:

• LINK faces key resistance at $9.20; breakthrough could push price to $10.21 and beyond.
• Fibonacci retracement levels suggest potential support between $7.55–$8.28 for possible bullish reversal.
• ABC wave structure indicates bullish targets of $10.21, to $11.77 if upward momentum holds.

Chainlink (LINK) has recently reached a resistance level, with traders now watching to see if the price can break through and continue upward. The next target for LINK is $10.21, as part of an ABC wave structure commonly used in technical analysis. This structure is predicted to unfold next, providing insight into possible future price movements.

Resistance and Fibonacci Levels Indicate Key Price Zones

Currently, Chainlink is trading at $8.82 USD, showing a slight decline of 1.22% in the past 24 hours. The price is near a critical resistance zone around $9.20. According to More Crypto Online, if LINK surpasses this level, the next key resistance is expected to be at $10.00. This is an important level for traders to watch as it could signal a continuation of the bullish trend.

Fibonacci retracement levels indicate key support zones where the price may reverse if it retraces. These levels are as follows: 38.20% at $8.285, 50.00% at $8.063, 61.80% at $7.848, and 78.60% at $7.551. If the price falls into any of these areas, traders will be closely monitoring for potential rebound before the price moves higher.

ABC Wave Structure and Potential Bullish Targets

Chainlink price chart shows the unfolding of an ABC wave structure, a pattern often used in Elliott Wave analysis. The ABC structure suggests that LINK may continue to rise after completing the correction phase. The price is currently in the B wave, with expectations that the C wave will complete the correction and move toward higher targets.

According to the analysis, if the price continues upward, it could reach bullish targets calculated using Fibonacci extensions. These targets are at: 123.60% at $10.786, 138.00% at $11.148, and 161.80% at $11.772. The first target at $10.21, is based on the ABC structure, but if the upward momentum remains strong, it could move towards $11.77, marking the next resistance levels.

Chainlink’s recent price action suggests that it may be in a recovery phase, after significant downward movement. Traders will keep an eye on the $9.20 resistance level, as breaking above this could indicate further upside potential.