Chainlink Price Prediction: Bulls to Face Resistance From This Key Indicator

After a 10% increase over the past week, Chainlink’s (LINK) price has retested $15. However, according to several technical indicators and on-chain data, LINK’s bull rally may face significant headwinds. Is the upward momentum sustainable, or will resistance levels halt further gains?

Chainlink is in the early stages of a bull rally after a strong bullish reversal on April 8. If the current momentum continues, the key level to watch will be the $15.54 resistance level. Breaching this point could signal a continued upward trend.

However, a Chainlink price prediction remains mixed as traders are bearish short-term due to a critical oracle glitch and $703M in market liquidations. This uncertainty adds another layer of complexity to the current market outlook. Although recent gains have kept Chainlink's head above water, its bearish-bias remains evident on the daily chart, suggesting a potential correction could be on the horizon.

In the recent week, the Chainlink (LINK) market has shown signs of potential weakness. LINK faces resistance at $11.4 and $12.00 after failing to break $11.26, while MFI signals potential selling pressure. This suggests that the bulls will need to overcome considerable obstacles to maintain their upward trajectory.

Will Chainlink break through the resistance and continue its bull rally, or will the bearish indicators prove too strong? Keep reading for in-depth analysis and the latest Chainlink price predictions.