As Bitcoin approaches the $35,000 mark, Chainlink The price trend also shows a similar price movement around $12. Although LINK has resisted a number of bearish factors, a downtrend remains within the realm of possibility. However, LINK, which has grown by more than 100% since the beginning of the year, also gives signals that a potential rally may still continue.
Chainlink price has seen a significant rise from a 10% YTD (Year Starting) loss in June to a 108% gain by November 2023. Increasing transaction volumes, LINK It indicates a strong increase in demand and indicates that the upward trend may continue.
Moreover, Chainlink price, exhibiting an upside breakout rally of a falling trend and reclaiming the psychologically important $10 mark. Supported by increasing trend momentum, altcoin prices are approaching the overhead resistance trend line. As of now, the LINK value, recovering from a sell-off, is rising to the trend line and countering the previous high price rejection. Chainlink price standing at this point may make a significant move to determine the price trend in the near future.
EMA: A bullish rise in the 50-day EMA may soon help Chainlink price support during a brief correction phase.
MACD indicator: The MACD indicator shows that there is a high probability of a bearish trend as the bullish histograms are on the downtrend. This increases the likelihood of a downward move from the overhead resistance trend line as bullish momentum wanes.
Despite a major bullish phase with multiple breakouts recently, LINK price is trending near $12. However, resistance at $12 is inspiring multiple price rejections higher on daily candles and warning of a reversal. If the uptrend surpasses the 12 level, increased demand could push the market value to the $15 mark. However, a bounce back from $12 could lead to a retest of the $10 level.