Chainlink Holds Trendline Support Amid Potential Breakout
Chainlink (LINK) is currently trading near $13.84 after a slight pullback from a recent high above $15. The cryptocurrency has maintained a rising trend line from August, which sits around the low-$13 range, providing support during recent dips. Chainlink recently launched CCIP 2.0, introducing new security and speed features for cross-chain transfers, enhancing its data services with updates on Stellar and Arc mainnet.
The broader uptrend for LINK remains intact, with a key resistance zone between $14.50 and $15.00. A daily close above $15 could pave the way for further gains, potentially reaching $16. On the downside, the low-$13 range and the stronger support zone between $10.30 and $10.80 are critical levels to watch.
Momentum indicators show mixed signals. The daily RSI stands at 56.00, indicating neutral-to-bullish sentiment, while the MACD suggests weaker short-term momentum following the late-September rally. Investment interest remains strong, with U.S. Chainlink ETFs holding about $235 million combined, representing roughly 17 million LINK tokens.
Analyst Don Wedge has identified a five-year symmetrical triangle pattern in LINK’s price chart, with a breakout target of $67 if the pattern resolves. The current price action is near the apex of the triangle, which could force a resolution soon.