Chainlink Price Prediction As Recovery Hits New Yearly High; Is $15 Next Target

Chainlink Price Prediction: Amid the broader market uncertainty, the LINK price is struggling to maintain a sustainable bullish recovery. The daily chart has recently depicted a series of short-bodied candles with elongated wicks circling the $12 level, signaling a burgeoning supply pressure. This recent activity raises questions about whether the LINK coin has reached an overbought territory.

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Dual Resistance at $12.6 Hints Bearish Pullback

• The rising channel pattern leads to a steady rally in the LINK price
• In an anticipated pullback, the buyers can find suitable support at $10.75 and $9.5
• The intraday trading volume in the LINK coin is $655 Million, indicating a 52% gain.

Source- Tradingview

Despite the increasing overhead supply pressure, the chainlink price is maintaining a slow yet steady rally under the influence of the rising channel pattern. The formation of new higher highs and lows can be marked using the two ascending trendlines, which act as dynamic resistance and support. 

Today’s trading session saw LINK price attain a significant 9.5% increase, momentarily touching a 16-month peak at $12.6. However, this horizontal level coincided with the resistance of the aforementioned channel pattern and triggered a minor pullback to the $11.95 mark.

Should the downward pressure persist, a 6.5% pullback towards the channel’s lower boundary may occur, offering an opportunity to reignite the bullish fervor. As long as the support trendline holds, a steep correction is likely averted. 

A rebound off this support could empower buyers to overcome the immediate resistance at $12.6, setting the stage for an advance towards the $14.65 to $15 zone.

Will the LINK Price Fall Back to $10?

While the overall market sentiment for the LINK price seems bullish, a breakdown from the channel would intensify the market supply pressure. This breakdown could undermine the current bullish thesis and lead to a downfall $10.7 mark aligned with the 23.6% Fibonacci Retracement level followed by the $9.5 mark with 38.27% FIB. The potential retracement to this support level would still benefit the buyers in the long-term rally by recuperating the exhausted bullish momentum.

• Relative Strength Index: A bearish divergence state in the RSI slope during the formation of a channel pattern reflects and accentuates the potential of a bearish pullback.
• Exponential Moving Average: The 20-day EMA near the $10.78 mark would offer buyers additional support to maintain the current bullish trajectory.