Bulls in the cryptocurrency market appear to be struggling to keep the Chainlink price above $15. As selling pressure slowly built up, a new bearish move pushed the price to a new low for the day. Moreover, the price continues to trade within a pattern that suggests the bulls will remain active and bounce back some time from now.
LINK price has recently risen more than 100% consecutively, attracting market participants. The long pause in integration gives the Marine Corps hope for a coming trend. However, the sharp decline in trading volume in recent days is cause for concern as it could hinder the rally to some extent.
Will LINK price fail to maintain its upward trend or break through the resistance and reach $18?
LINK price has broken out of a bearish downtrend pattern but continues to form higher highs. This move signals the growing strength of the bullish trend, which could keep bullish hopes alive for the popular altcoin. The price on the weekly chart is trading within an ascending triangle pattern just above the temporary support level of $14.66. Moreover, the RSI is gradual and follows diagonal support, suggesting a continuation of the bullish phase.
Even though RSI is incremental, it shows some bearish divergence. This could cause the price to fall below the lower support line and find strong support at the 200-day weekly MA at $13.53, which could trigger a further subtle bounce as the RSI may reverse after testing support. Moreover, if Marines successfully holds the price within the pattern, it could break above the resistance area between $16.19 and $16.70.
This could trigger a further rise above $17.5 and towards the next pivotal resistance, which could reach $18 in late 2023 or the first few days of 2024.