The bulls within the crypto markets seem to have drained, as they are struggling hard to hold the Chainlink price above $15. The fresh bearish move has compelled the price to form new lows for the day as the selling pressure is slowly accumulating. Besides, the price continues to trade within a pattern that suggests the bulls remain in action and rebound in a short while from now.
The LINK price mesmerised the market participants with a straight rise of over 100% in the recent past. The break above the prolonged consolidation had made the Marines hopeful for the upcoming trend. However, the volume that has dropped in the past few days could be a matter of concern, as it could hinder the progress of the rally to some extent.
Will the LINK price fail to hold gains or pierce through to the resistance and reach $18?
Although the LINK price broke above the bearish descending pattern, it is constantly forming higher highs. This move indicates the growing strength among the bulls, which may keep up the bullish hopes for the popular altcoin. The price in the weekly chart is trading within an ascending triangle pattern, just above the interim support at $14.66. Besides, the RSI is incremental and follows diagonal support, suggesting the continuation of a bullish phase.
Even though the RSI is incremental, it displays a minor bearish divergence. This may compel the price to drop below the lower support and find strong support along the 200-day weekly MA at $13.53, which may further trigger a fine rebound as the RSI may also flip after testing the support. Besides, if the Marines successfully hold the price within the pattern, then it may break above the resistance zone between $16.19 and $16.70.
This could further trigger a rise towards the next pivotal resistance beyond $17.5 and reach $18 around the end of 2023 or in the first few days of 2024.
