- Chainlink price faces crucial resistance at $13.00 before upward movement.
- A breakout above $13 could target $15 for further gains.
- Derivatives market shows mixed trends with increased open interest.
Chainlink price has been struggling to gain full recovery, remaining above the $12.00 support level. Over the past week, LINK has risen by 12%, driven by a bullish market trend. The price has shown promising signs of further upward movement with increased volume. As the cryptocurrency market experiences a slight surge, LINK’s price is approaching a key resistance level. A clean breakout above this consolidation range could trigger significant momentum, marking a potential upward shift in the coming days.
Chainlink Price Poised for Potential Breakout to $26
Chainlink price has been consolidating inside a falling wedge pattern on the daily chart, showing a period of price compression. This formation often signals a potential breakout once the price moves past the upper boundary of the wedge.
Traders are closely monitoring this pattern, as a confirmed breakout could send the price toward the $26 mark in the mid-term. The falling wedge pattern is typically considered a bullish reversal, suggesting the price may begin a strong upward trend.
LINK Price Faces Crucial Breakdown Retest Zone
Crypto analyst tweeted that Chainlink price is approaching a critical breakdown zone after a short-lived recovery. The token is now retesting the ascending support trendline near the $12.25 level.
This price level marks a key resistance-turned-support zone that LINK must hold to avoid deeper retracements. The chart shows the asset rebounding briefly from the $11 area but facing pressure as it struggles to maintain momentum above the trend. According to the chart shared, if LINK fails to hold above $12.25, the next downside levels to monitor are around $10 and $7.50. These zones align with historical support levels, adding weight to their importance in a bearish scenario.
The Chainlink derivatives market has shown different changes in key metrics in the most recent CoinGlass data report. The combined volume for derivatives stands currently at $1.18 billion following its 6.83% decrease. Trading activity among LINK futures and perpetual contracts has decreased according to the observed market trend.
LINK derivatives market open interest has witnessed an increase of 2.41% to reach $475.07 million. An increase in open interest demonstrates that traders maintain unfulfilled agreements in LINK derivatives even though trading volume has dropped.
Chainlink Price Analysis
The LINK price recently witnessed fluctuations within the $12.00 to $13.00 range. The Chainlink price currently shows some signs of consolidation. As of now, LINK stands at $12.54, showing a minor decline of 3%.
The Relative Strength Index (RSI) is currently at 49, indicating that LINK is neither overbought nor oversold. A breakout could happen if the RSI moves above 50, signaling a potential upward momentum. The MACD is showing a slight bullish divergence, with the blue line crossing above the orange line, suggesting that bullish momentum could be picking up.
The cryptocurrency is holding strong above $12.00, where buying interest has been seen. This level could act as a crucial support in case the market retraces. The immediate resistance is at $13.00, and a break above this level could set the stage for a test of $15.00, as indicated by previous highs.
