The post Chainlink Eyes Trend Reversal: Will A Breakout Rally Hit $14.50? appeared on BitcoinEthereumNews.com.

The cryptocurrency market is experiencing optimism as Bitcoin is holding at about $83,000, potentially igniting a bullish recovery across altcoins. Chainlink (LINK) is currently trading at $13.004, showing a slight gain of 0.42% in the last 24 hours.  With a falling wedge pattern formation on the daily chart, LINK is showing some signs of an upcoming trend reversal. LINK Price Analysis Bearish price action for LINK has been persistent since December 2024. The token has seen a decline from its December high, which stood near $30, and now has dipped to the current level of around $13.004, almost 56.65% down over the last four months. Chainlink had been trading inside a falling wedge channel, and the price created a whole set of lower highs and lower lows. This pattern would usually suggest a sustained selling pressure. A strong breakout above the channel at around $14.50 could initiate a rally towards higher resistance levels. TradingView LINK’s attempting to stabilize near the $12.676 support (0 Fib level) because of this there is a temporary relief from the continuous selling pressure. Several small bodied candles have formed near this level indicating an accumulation before the next big move. The 0.236 Fib level at $16.605 acts as the first major hurdle, followed by the 0.382 level at $19.036. These levels will likely act as strong resistance zones if a strong upward breakout happens. The EMAs on the chart show bearish control, with price consistently trading below the EMAs. The recent crossover between shorter EMAs confirm the ongoing downtrend. However any sustained move above the EMAs could signal a start of the trend reversal. The RSI is currently at 40.63 below the neutral 50 line. RSI has been oscillating between 30 to 60 since February, recently showing a slight uptrend. Increase in RSI despite the…

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Filed under: News - @ April 21, 2025 10:27 am