Chainlink Gains Ground Against Bitcoin as LINK Eyes $20

• Michael van de Poppe says LINK has started an uptrend against BTC, with 2,400 satoshis potentially placing LINK above $20.
• Crypto Patel sees $11.73 as a bounce level, with targets at $16, $31 and $100 following LINK’s breakout and retest.
• LINK trades near $11.38, with $11.53 as near resistance and $10.46, $9.78 and $9.51 as key support levels.

Chainlink is gaining ground against Bitcoin as analysts track a possible continuation of LINK’s recovery. Michael van de Poppe said LINK has started an uptrend against BTC, while Crypto Patel highlighted a 75% rebound from a bullish order block. LINK trades near $11.38 after retreating from a recent $12.50 peak.

LINK Recovers After August Breakout

The chart shows LINK falling toward $7.05-$7.75 between March and June before forming a base. The token then recovered through July as buying activity increased. That recovery accelerated in August, with LINK moving above $9.10, $9.78 and $10.46. 

Source: Santiment

Notably, the breakout toward $12.50 came with increased trading volume. However, LINK has since pulled back into the $11.14-$11.40 area. The current price stands near $11.384, below the 50-day moving average at $11.53. Meanwhile, the 200-day moving average is at $9.51. LINK remains above that level despite the retreat.

Analysts Set Higher LINK Price Levels

Van de Poppe said LINK’s performance against BTC supports buying during price dips. He identified 2,400 satoshis as the first target against Bitcoin. According to his analysis, reaching 2,400 sats would place LINK above $20. 

https://twitter.com/CryptoPatel/status/2093330258779111804?s=20

Crypto Patel separately identified $11.73 as a bounce level after LINK entered a bullish order block. Patel listed targets at $16, $31 and $100. He also cited a $200 target from Standard Chartered, equivalent to 28 times the referenced level.

Patel said LINK completed a breakout and retest before falling into the bullish order block. He also noted that LINK swept the 0.786 Fibonacci level before rebounding.

LINK Faces $11.53 Before $12.50

The current setup places $11.53 among the nearest levels for LINK. A sustained move above that level could bring $11.82-$12.50 into focus. A break above $12.50 would provide the next upside level in the chart structure. 

However, losing $11.14 could send LINK toward $10.46. Below that area, $9.78 and $9.51 form stronger support levels. Meanwhile, LINK remains near $11.38 after the August surge, with several resistance and support levels identified.