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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 04, 2023 08:25 UTC
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LINK Price Analysis: Can LINK Price Overcome Sellers At $12?
The LINK price trend struggles to rise above an ascending resistance trendline close to $12.
The LINK price action showcases multiple higher price rejection candles teasing a bearish reversal.
The ascending trendline breakout can boost the LINK market price to the $15 mark.
With Bitcoin struggling close to the $35K mark, the LINK price trend shares a similar price action as it struggles near $12. With multiple bearish elements resisting a bullish continuation in Chainlink’s token growth, a bearish move seems probable.
Nevertheless, with year-to-date growth of more than 100%, the LINK price prediction suggests a potential rally continuation.
With a remarkable comeback in 2023, the LINK price boosts from a negative 10% YTD growth in June to 108% in November 2023. Suggesting a strong rise in demand for Chainlink in the market, the increasing volumes tease a bullish trend continuation.
Moreover, the Chainlink price showcases a bullish breakout rally of a falling channel, reclaiming the psychological mark of $10. Continuing with increased trend momentum, the altcoin prices reach the overhead resistance trendline.
Currently, recovering after a sellout spike, the LINK value rises higher to the trendline and challenges the previous higher price rejections. Standing at the crossroads, the Chainlink prices may soon give a pivotal move to decide the future price trend.
Technical indicators:
EMA: The bullish spike in the 50-day EMA may soon help the Chainlink price support during any short correction phase.
MACD indicator: The MACD indicator shows a high possibility of a bearish crossover event as the bullish histograms are on a decline. This increases the possibility of a downtrend move from the overhead resistance trendline as the bullish momentum declines.
Will LINK Price Surpass $12?
Despite a massive bullish phase in recent times with multiple breakouts, the LINK price hovers close to $12. However, the $12 resistance inspires multiple higher price rejections in daily candles and warns of a reversal.
If the uptrend exceeds the $12 mark, the rising demand can push the market value to the $15 mark. However, a reversal from $12 can result in a retest of the $10 mark.
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