Chainlink Weekly Price Analysis: Chainlink Fluctuates between $17.5 and $13.0: Is Chainlink developing a Range?

Are you tracking Chainlink? Wondering what will be the Chainlink price trend in the coming week? Then you are at the right place. As we analyze Chainlink, we determine the potential support and resistance levels, the patterns that appeared in the last week, and how Chainlink behaved towards these patterns. As the Chainlink price today shows bearish sentiment, without any further delay, let’s dive into Chainlink price analysis and find out the Chainlink price trend in the coming sessions.

Chainlink Price Analysis of the Last Week

At 15:30 UTC on 2nd March, the price broke out from a range to the upside and formed a spike. At the same time, RSI moved above the area of 70, suggesting a pullback or a reversal in the price. At 00:30 UTC on 3rd March, a Death Cross appeared in MACD, and the price broke out from the trendline to the downside, forming a trend to the downside. At 11:30 UTC on 3rd March, the price broke out from the downward-moving trendline to the upside, but the breakout failed. The price developed a support level at $16.

Chart 1: Analysed by vallijat007, published on TradingView, March 8, 2025

However, at 18:00 UTC on 3rd March, the price broke out to the downside of the support zone of $16. The price formed a spike and channel pattern to the downside. At 19:30 UTC on 3rd March, RSI dropped below the level of 30, suggesting an oversold market condition. At 01:30 UTC on 4th March, the price broke out to the downside of the channel and another channel, marking the low of the week at 16:30 UTC on 4th March. This created a support level at $13.

Chainlink Faces Selling Pressure at Resistance – Will It Break or Reverse?

The price broke out to the upside from the downward-moving channel and formed a spike and channel pattern. The channel again broke out to the upside at 07:30 UTC on 5th March, further corroborated by a Golden Cross of MACD. A downward-moving channel appeared, which again broke out to the upside, forming a spike but failing to form a channel. Instead, it formed a range, indicating selling pressure from the resistance level of $17.50.

At 01:00 UTC on 6th March, the price broke out to the upside towards the resistance level from the range. At 10:00 UTC on 6th March, Chainlink marked the high of the week at $17.70 before dropping. The price again tried to break the resistance level of $17.50 as a Golden Cross of MACD appeared at 06:30 UTC on 7th March. However, the price broke out to the downside from the trendline at 12:00 UTC, spiking downward and forming another range.

Chainlink Fluctuates Between Key Support and Resistance Levels – What’s Next?

Chainlink is currently fluctuating between the resistance and support levels. A clear trend might be seen above these critical levels; until then, Chainlink may fluctuate within them. As Chainlink recently took resistance and started moving to the downside, it might first retest its support level. Traders and investors are encouraged to analyze the Chainlink price today themselves, as capital investment is subject to market risk, and the key to success in trading lies in position sizing and risk management.