Chainlink Price Analysis (Weekly): Chainlink Fluctuates between $14.50 and $12.00, Awaiting a Breakout

Are you tracking Chainlink and wondering if the downtrend has ended or if further bearish momentum could be seen? Then you are at the right place. As we go through the Chainlink price analysis, we will explore different patterns and how Chainlink reacted to them. As some sideways movement is seen in Chainlink, we will also determine possible support and resistance levels for the Chainlink price trend. Without any further delay, let’s dive into Chainlink price analysis and explore the possibility of where Chainlink might trade in upcoming sessions.

Chainlink Price Analysis of the Last Week

A downward-moving channel appeared in the Chainlink price chart, which broke out to the downside at 10:30 UTC, corroborated by a death cross of MACD, showing the conviction of sellers to push the price lower. RSI dropped below the level of 30 from 10:30 to 19:00 UTC on 9th March. The price spiked to the downside and formed an expanding triangle. A golden cross appeared in MACD at 22:30 UTC, which helped in the formation of the expanding triangle. 

Chart 1: Analysed by vallijat007, published on TradingView, March 15, 2025

The expanding triangle broke out to the downside at 13:30 UTC, corroborated by a death cross of MACD. The breakout formed a spike, and another expanding triangle appeared, marking the low of the week at $11.85. RSI again dropped below the level of 30 from 17:00 UTC on 10th March to 01:00 UTC on 11th March. The price spiked to the upside and broke out from the expanding triangle, corroborated by a golden cross of MACD, and formed an upward-moving expanding triangle. 

Chainlink Forms Resistance at $14.5 and Support at $12 Amid Sideways Movement

A small upward-moving channel appeared, which attempted to break out to the downside in an attempt to mark another low but failed. Another downward-moving channel appeared, which broke out to the upside at 18:00 UTC on 13th March and formed a spike and an upward-moving channel. The upward-moving channel again broke out to the upside at 08:00 UTC, corroborated by a golden cross of MACD, followed by a spike and channel pattern.

In the meantime, RSI moved above the level of 70 at 08:00 UTC on 14th March until 19:00 UTC on 14th March. The upward-moving channel broke out to the downside at 19:30 UTC on 14th March and formed a spike and small range. This breakout was corroborated by a death cross of MACD. Chainlink formed a resistance level at $14.5, and a support level appeared at $12.

Chainlink Consolidates: Awaiting a Breakout for Clear Trend Direction

Chainlink has been moving sideways for most of the past week, developing support and resistance levels. A clear trend will only be seen when the Chainlink price today breaks these levels. As Bitcoin faces selling pressure, Chainlink might also be affected by that sentiment. Chainlink is still in a downtrend in the higher timeframe; therefore, traders and investors should be careful before considering long in the Chainlink price today. Given the possible risks in the cryptocurrency market, traders and investors are advised to analyze the Chainlink price trend on their own. An investor’s or trader’s success depends majorly on position sizing and risk management.