Chainlink Holds Key Support at $21, Eyes Bullish Rotation

LINK price action has pulled back into a critical support region around $21, where the 0.618 Fibonacci retracement and strong moving averages align. This zone represents a decisive level for maintaining bullish market structure, with upside targets back toward $29 if volume confirms.

LINK Key Technical Points

- Support Test: $21 holds as a pivotal region supported by the 0.618 retracement and moving averages.

- Bullish Structure: Higher lows remain intact, keeping LINK’s overall trend constructive.

- Upside Target: Successful defense of $21 opens the path toward $29 resistance.

Analysis

The $21 level is emerging as a structural anchor for Chainlink. Its confluence with both the golden ratio retracement and long-term moving averages makes it a significant technical base. Defending this zone would reinforce bullish momentum by confirming another higher low in the broader trend.

The rejection from a swing failure pattern has introduced short-term pressure, but the broader structure remains bullish. Corrections into major support zones are common within trending markets and often precede renewed rallies once buying demand returns. As long as $21 holds on a closing basis, LINK maintains its bullish framework and the probability of rotation toward $29 remains high.

Volume will be the determining factor for continuation. Current activity shows price consolidating at support, but sustained bullish influxes are required to confirm a shift in momentum. A pickup in demand from this region would not only support a move back to $29 but could also reinforce the bullish narrative for higher time frames.

What to Expect in the Coming Price Action

As long as $21 holds, LINK remains positioned for continuation toward $29 resistance. A breakout above this level would signal strong bullish momentum, while failure to defend $21 risks deeper retracement.