Chainlink prices continue to move within a triangular structure, creating interest regarding the market's future developments.
Triangle Structure of Chainlink Prices
Since late 2024, Chainlink has been moving in a triangle pattern. The chart shows how LINK price has been squeezed between a descending resistance line near $30 and a rising support trendline around $8. This pattern has kept the price stable for months.
Short-Term Predictions and Support
Despite some bullish momentum over the past days, today's candle reveals signs of buyer exhaustion. LINK has dropped about 5%, indicating sellers are pushing back. If bearish pressure continues, we could see Chainlink price fall towards the lower trendline, which would mean around a 15% drop from the current price of about $13. Nevertheless, the support line has proven reliable since August 2024, with strong buying interest every time the price approached this trendline.
Key Resistance Level Analysis
Analyst Ali shared a chart analyzing a key resistance level at $15.30. "One key resistance level to watch for Chainlink is $15.30; breaking above it could open the door to higher highs," he noted.
The situation in the Chainlink market remains uncertain, but the presence of key resistance and support levels creates conditions for potential movements in either direction.
