Chainlink Price Analysis of March 7, 2025: LINK Finds Support at $16, Eyeing to Retest $17.2 Resistance Level

If you’re tracking Chainlink and are surprised by its recent drop after moving upward in recent days, then this analysis is for you. As we go through the analysis, we determine potential support and resistance levels and the future scenario of the Chainlink price today. The Chainlink price today shows bearish sentiment as the recent downside breakout pushed the price lower. Without any further delay, let’s dive into the Chainlink price analysis and see what’s going on.

Chainlink Price Analysis of the Last 24 Hours

At 10:00 UTC, the price broke out to the upside from a converging triangle pattern. At 10:25 UTC, RSI moved above the level of 70, indicating an overbought market condition. A Death Cross appeared at 11:00 UTC, suggesting a lower price. Another converging triangle appeared on the chart, which broke out to the downside at 12:15 UTC and formed a spike and channel pattern.

Chart 1: Analysed by vallijat007, published on TradingView, March 7, 2025

At 13:55 UTC, RSI dropped below the level of 30, showing an oversold market condition, and a Golden Cross appeared at 14:55 UTC, both suggesting a pullback or reversal in the price. The price broke out to the upside of the downward-moving channel at 15:00 UTC and formed a spike and channel pattern, but this upside breakout did not sustain. The upward-moving channel broke out to the downside at 16:10 UTC, corroborated by a Death Cross of MACD at the same time. The price spiked down and formed an expanding triangle at 17:45 UTC.

​​Key Patterns and Breakouts in Chainlink Price Analysis

RSI dropped below the level of 30, indicating an oversold market condition, and a Golden Cross appeared at 18:30 UTC, suggesting a bounce in the price. The pullback came in the form of an expanding triangle. The expanding triangle broke out to the downside at 00:15 UTC and marked the low of the day at $15.85. At 00:25 UTC, RSI again dropped below the level of 30, and at 01:25 UTC, a Golden Cross of MACD appeared, both suggesting higher prices.

A converging triangle pattern formed in the price, which broke out to the upside at 04:35 UTC and formed a spike and channel pattern at 07:05 UTC. RSI showed an overbought market condition, suggesting a pullback or reversal. The converging triangle broke out to the downside at 08:20 UTC.

Chainlink Faces Bearish Pressure: Will the Downtrend Continue or Reverse?

As analyzed above, the Chainlink price trend is downward, showing bearish sentiment. If the recent breakout succeeds, the price may drop to the recent support level, and the Chainlink price trend will continue downward. However, if the breakout fails, then Chainlink may break its high, and the recent bearish momentum could become just a pullback in a larger timeframe. Traders and investors are encouraged to take a look at the price chart of Chainlink themselves. Proper risk management and position sizing are key to success.