The post Another Chainlink Retest Done: Is the LINK Price Poised to Reach $20 in 2023? appeared first on Coinpedia Fintech News

The crypto markets are experiencing a roller coaster ride as major events have heavily influenced the price of the majority of the tokens. After experiencing a substantial drop in the past few days, the Chainlink price has triggered a bullish rebound since the beginning of the day. The LINK price was trading in a descending trend after the rejection from $16.59 and triggered a healthy rebound before reaching the lower support.

The LINK Marines have saved the price to reach lower support for the second consecutive time in the past few days. The price appears to be on the verge of completing the double-bottom or ‘W-shaped’ pattern, which may validate a fresh upswing in the coming days. Although the bulls are getting weak after reaching the halfway point, the price could resume its upswing to reach the pivotal resistance soon.

The LINK price soared above the multi-year consolidation and reached a new yearly high above $16. After facing rejection from highs, the price dropped below the ascending trend line. However, despite a failed attempt to soar above these levels, the price is trying hard to maintain a steep ascending trend to reach the pivotal resistance, which is also the neckline of the double-bottomed pattern.

The Chainlink price is believed to rise above the resistance above $15 and maintain a narrow consolidation above these levels for a while. However, as the trade approaches the end of the monthly trade, the LINK price could break above the ascending consolidation and reach new yearly highs at $18. This could open the doors for forming a new high beyond $20 by the end of the year 2023.