Chainlink Price Analysis of March 6, 2025: LINK Surges from $13 to $17.4: Will the Upward Trend Continue?

If you are tracking Chainlink and wonder how long the Chainlink upward trend will continue, then this analysis is for you. As we go through the analysis, we determine different patterns and Chainlink’s behavior when certain patterns form. In this Chainlink price analysis, we will determine the support and resistance levels and possible scenarios in which Chainlink might trade in the upcoming sessions. Without any further delay, let’s dive into the price analysis of Chainlink and see where the Chainlink price today might trade.

Chainlink Price Analysis of the Last 24 Hours

At 10:25 UTC, the price broke out to the upside from a converging triangle on 5th March. This was also corroborated by a Golden Cross of MACD at the same time. The price then formed another converging triangle pattern, which also broke out to the upside at 06:35 UTC, again supported by a Golden Cross. At the same time, the price formed a traditional, or we can say conventional, pattern of spike and channel. Meanwhile, RSI jumped above the level of 70, indicating an overbought market condition.

Chart 1: Analysed by vallijat007, published on TradingView, March 6, 2025

The channel broke out to the downside at 09:40 UTC, and at the same time, a Death Cross appeared in MACD. The price formed a range after the initial breakout, and the range broke out to the downside but failed to form a spike. Another range appeared, which broke out to the upside at 17:05 UTC, and a Golden Cross also supported this breakout. The breakout formed a spike and a converging triangle.

Chainlink Faces Resistance at $17.40: Consolidation or Breakout Ahead?

The converging triangle broke out to the downside at 20:35 UTC, supported by a Death Cross of MACD, but failed to form a spike, and a range appeared. The range broke out to the upside at 23:30 UTC, pushing RSI above the level of 70. Another range appeared in the price of Chainlink, which tried to reverse the uptrend by breaking out at 07:40 UTC on 6th March, but the breakout failed and reversed back into the range. The price marked the high of the day at $17.40. If the price is unable to break this level, then range-bound movement in the price of Chainlink could be seen.

Chainlink’s Uptrend Faces Resistance: Breakout or Reversal?

As analyzed above, Chainlink is in a strong uptrend, with every upside breakout succeeding and every downside breakout failing to form even a spike. The bullish sentiment is at its peak. Traders and investors should be cautious, as the Chainlink price today is trading near a resistance level, and a price reversal and downtrend could follow. 

The range at the Chainlink upward trend high increases the uncertainty of Chainlink’s price movement, but the possibility of an upward breakout is higher than a downside breakout. Traders and investors should be cautious before taking positions and properly analyzing the chart by themselves because the financial markets are risky, and crypto volatility makes things even more risky.