Chainlink is testing its double bottom support near 0.0001700 BTC which. It serves as an important support level that has been validated several times.
LINK/BTC has potentially returned to establish the range bottom. That suggests an upcoming trend reversal as buyers could join these levels.
The crucial resistance for a breakout exists near 0.0004480 BTC while an additional extended target points to 0.0006721 BTC.
Chainlink (LINK) has previously rejected the range by escalating to round 0.0003000 BTC from this area.
A potential future rise of 419.89% could lead LINK prices to 0.0007950 BTC following a successful breakout at 0.0004480 BTC.
LINK/BTC weekly chart | Source: Trading View
Failure to maintain above 0.0001700 BTC could result in a fresh downtrend that might extend to untested price levels which are lower.
An ongoing sequence of lowering highs in Chainlink (LINK) could push the coin towards further price consolidation before any increase in value occurs.
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