Maintaining a sideways trend in the weekly chart, the LINK price action gives many trading and hoarding opportunities. With buyers ready to catch the dip and the active at higher levels, Chainlink price movement is within a range.
The 4-hour LINK price chart displays a decline for the past two months, leading to a 30% drop to $5.85 and a falling channel pattern. However, the LINK price gives the falling channel breakout as it reverses from the $5.85 crucial support level.
Accounting for a 6% jump leading to the channel breakout, the LINK price challenges the overhead resistance at $6.25. This sudden spike misses the alignment with Swift’s successful experiment with Chainlink’s CCIP to advance blockchain interoperability.
Nevertheless, the news remains a big achievement for the Chainlink team and increases the chances of Chainlink’s global adoption.
Currently, the LINK coin price trades at $6.14, with a loss of 1% in the last 24 hours, leading to the retest. Therefore, the buyers can find a retest entry opportunity at the current market price.
The RSI indicator approaches the overbought boundary. Meanwhile, the MACD indicator displays a positive crossover.
With the channel breakout, the chances of LINK surpassing the $6.85 mark have increased significantly. However, a successful post-retest reversal is a must. A trend reversal can drive the Chainlink coin price higher to the $7 mark.
On the flip side, a rejection at $6.85 can nullify the bullish framework and prolong the bearish continuation. Potentially, the downtrend can reach the $5.66 mark upon $5.85 breakdown.