Chainlink LINK Faces Resistance Below $15 as Traders Eye $20 Breakout Potential

Chainlink's LINK token has fallen below the $15 mark, recording a 10% weekly drop and challenging previous bullish forecasts of a $20 price target. After a brief recovery to $16, the token retreated, prompting traders to closely monitor key resistance levels on the LINK/USDT charts.

Technical indicators present a mixed outlook. The RSI and MACD show a balance between buying and selling pressure, while a long-term ascending triangle pattern suggests possible upward movement. Analysts highlight $20 as a critical resistance level—a historical sell zone—with breakout potential extending to $30 if bullish momentum returns.

Market-wide challenges add to the pressure. Delays in ETF approvals have weakened overall crypto sentiment, impacting Chainlink's performance. However, chart analysts argue that statistical trends still favor an eventual breakout, keeping hopes alive for a $20 valuation despite current market sluggishness.