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.
Source: coinpedia.org