Chainlink Price Analysis of March 12, 2025: LINK Recovering from $12.4, Can It Break $13.6 Resistance Level Today?

The recent V-shape recovery in the Chainlink price trend instilled hope in the minds of investors and traders. If you are tracking Chainlink and wondering if this momentum could be sustained, then this analysis is for you. As we go through the Chainlink price analysis, we will explore different patterns and how Chainlink reacted to them. We will further determine the critical support and resistance levels of the Chainlink price today. Without any further delay, let’s dive into Chainlink price analysis and determine what might be the Chainlink price trend in the coming sessions.

Chainlink Price Analysis of the Last 24 Hours

After marking the low at 00:50 UTC at $11.85, the price spiked to the upside and formed an upward-moving channel, supported by a golden cross in MACD and an oversold indication by RSI. A death cross appeared in MACD at 03:25 UTC, and at 06:10 UTC, RSI moved above the level of 70, both supporting the formation of an upward-moving channel. The upward-moving channel took resistance at $13.20 and failed to move across it. 

Chart 1: Analysed by vallijat007, published on TradingView, March 12, 2025

A converging triangle pattern formed after the price failed to move above the resistance level of $13.20. The converging triangle broke out to the upside at 13:25 UTC, supported by a golden cross and an overbought market condition in RSI, but the price failed to form a channel, and only a spike was visible, which also got rejected at the same level of $13.20. The price dropped rapidly and found a support level at $12.40. 

Chainlink Faces Rejections at Key Resistance Levels Amid Volatile Movements

The price again spiked to the upside and formed another expanding triangle in an attempt to break the resistance level. The price broke out from the resistance level of $13.20 at 18:10 UTC, supported and corroborated by a golden cross in MACD. After the breakout of the resistance level, the price marked the high of the day at $13.66. The price again found a resistance level at $13.50. A range appeared in the price, which broke out to the downside at 23:00 UTC, corroborated by a death cross in MACD. 

The price spiked to the downside and formed a downward-moving channel. The downward-moving channel broke out to the upside at 00:10 UTC in an attempt to break the resistance level of $13.50, but the price was rejected at 01:50 UTC as RSI moved above the level of 70. The price spiked to the downside and formed a downward-moving channel again. The downward-moving channel broke out to the upside in another attempt to break the resistance level, as the spike was followed by an expanding triangle pattern.

Chainlink’s Recovery Faces Resistance Amid Higher Timeframe Downtrend

As analyzed above, the recovery still holds the price upward, but the creation of recent resistance levels at different levels poses a threat to the Chainlink price trend. The selling pressure is coming from the higher timeframe, as Chainlink is still in a downtrend in higher timeframes. If the Chainlink price today has to recover, it must break the resistance level; otherwise, if it fails, another leg of the downtrend could be seen. Traders and investors are encouraged to take a look at the Chainlink price chart by themselves, as the crypto market is subject to potential risk.

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