4 min readChainlink (LINK) is gaining momentum as it breaks above a long-standing descending trendline, signalling a potential shift in market sentiment. This technical breakout coincides with Chainlink’s recent advancements in real-world asset tokenisation and cross-chain interoperability, positioning it as a key player in the evolving blockchain landscape.
From a technical standpoint, LINK is currently trading around $13.70, having reclaimed important support levels. The recent breakout above the high time frame descending trendline, which has contained price in a downtrend throughout 202, has reinforced the possibility of a bullish structural shift.
The next immediate resistance level to monitor is the $15 area. A sustained breakout above this level could open the door for a move toward the next key resistance zone near $18, which also aligns with the daily 200 simple moving average.
To the downside, the primary support is located at $13.15. This level is strengthened by confluence with both the 0.618 Fibonacci retracement of the recent move and a high time frame horizontal support area, which previously acted as a breakout zone. This area could potentially attract buying interest if price retraces.
Key levels to watch:
- Resistance: $15, followed by $18 (confluent with the 200 SMA)
- Support: $13.15 (0.618 Fibonacci + high time frame support)
Trading involves risk.
Author
Risk DisclaimerThe financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
