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LINK is testing a key medium-term trendline, targeting $18

LINK has seen mixed price action in recent weeks. Although its market structure has remained solid growth over the medium and macro timeframes, it has been expressing significant short-term bearishness that has not gone unnoticed.

Many analysts have noted that it could soon see a significant drop in the near term causing it to devalue even more, but bulls have been able to defend against any significant price declines.

In the time since slipping to as low as $ 12 last week, LINK was stuck in a sideways trade, making it increasingly unclear what direction the price will go in the short term.

One analyst is noting that LINK is currently testing a key trend line for months that has driven its price higher.

LINK could go up to $ 18

At the time of writing, LINK is trading down almost 1% at its current price of $ 14.93.

This is the price around the price at which it has been traded for the past few days, with the bulls and bears mostly going to a standstill as it consolidates between $ 14.6 – $ 16.

This period of consolidation began after bulls absorbed the drop that sent the LINK price reeling to lows of nearly $ 12 on several trading platforms.

Defending this support is a positive sign, but analysts note that it is currently at the top of a major trendline that has been driving its uptrend for the past few weeks.

Analyst “Tyler D. Coates” explained that defending this trendline could easily send the cryptocurrency to $ 18 in the short term.

“LINK appears to have found support from the trendline. Target is now $18 due to the confirmed falling wedge.”

Analyst “Josh Rager” is also expecting LINK to rise to $ 18 in the near term, note that a close above $ 16 today may be all that is needed to trigger this movement.

After a dip down sub $13, LINK has now bounced back, rejecting off $16 the first time, but a retest and close above this level will lead to a test of $16.50s followed by a grind up over $17s...”

Because Bitcoin is also showing some signs of strength today, this could be a factor that is also helping push crypto higher.

You can see the LINK price here.

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