The post Chainlink (LINK) Price Trend Sirens Potential Bullish Reversal, Buyers Target $16 appeared on BitcoinEthereumNews.com.

Chainlink (LINK) has been on a downward trend since December 2024 from a peak of about $28.00. Currently, LINK trades at $11.36 with a 2.06% decrease in price over the last 24 hours. The token has lost more than 60% of its value since it was last priced at $28.00 four months ago. Will a reversal take place, or will the price plunge below the $10 support level? Chainlink Price Analysis The daily chart for LINK shows a bearishness since December 2024. The price has created multiple lower peaks at important Fib levels $26.71 (0 Fib), $24.38 (0.236 Fib), and $22.95 (0.382 Fib). The recent crash in price shows LINK struggling to hold back support at $10.78. The EMAs portray a bearish setup, with LINK currently trading beneath all significant EMAs. The 50 and 200 day EMAs exhibit a bearish cross, with the former bearing down more steeply. The price has been consistently rejected by the 50 and 200 EMAs since the beginning of February 2025, with the most recent rejection being at around $16.00 in late March. The MACD indicator shows bearish momentum, with the MACD line trading below the signal line at -0.95. The histogram is showing -0.22, indicating sustained bearish pressure. Meanwhile, from the end of March to the beginning of April, price movements suggest a bullish divergence establishing itself. A descending channel that has contained the price of LINK since December. The channel runs from around $28.00 at the December high to the current $11.36 price level. In January, February, and March, the upper resistance trendline has persistently rejected price rally attempts at $24.00, $20.00, and $16.00, respectively, while the lower support line has been tested more frequently. The LINK price currently finds support at $10.78 level, while below this, the 1.618 Fibonacci extension at $10.78…

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Filed under: News - @ April 9, 2025 2:25 pm