As of July 7, 2025, Chainlink (LINK) is trading around $13.128, with a slight 0.1% decline in the past 24 hours. The market is currently in a consolidation phase with a bullish bias, as traders seek clear signals for the next price move. This technical analysis explores key support and resistance zones, common indicators, and the overall market trend. Support and Resistance Zones The key support zone for Chainlink lies between 12.50 and 13.00. This range has recently acted as a strong demand zone, with the price bouncing multiple times after touching this level. On the other hand, the main resistance is observed between 14.90 and 15.50, aligning with recent highs from June 2025. A breakout above this resistance could push Chainlink toward higher targets like 17.95 or even 20.00. Indicator Analysis The Relative Strength Index (RSI) on the daily timeframe is between 55 and 60, indicating mild bullish momentum. On the 4-hour chart, RSI is at 58, suggesting relative buyer strength but not yet approaching the overbought region (above 70). The MACD indicator is nearing a bullish crossover, which could signal strengthening upward momentum. The Williams %R indicator, at -45, is in neutral territory, supporting the potential for continued upward movement. Moving averages (EMA/SMA) confirm a long-term bullish trend. The 50-day moving average remains above the 200-day moving average, signaling sustained upward momentum. The price recently bounced off the 50-day moving average as dynamic support, a positive sign for buyers. However, trading volume has slightly decreased in recent days, which may indicate a lack of strong buying pressure. Price Pattern Analysis Chainlink is currently moving within a bullish pennant pattern on the daily timeframe, recently bouncing from the pennant’s lower bound around 12.50. This pattern often leads to a bullish breakout. Some analysts have noted a potential double-bottom pattern on the 4-hour chart, which could signal a bullish reversal. However, if the 12.50 support breaks, a correction to 10.57 or even 9.00 is possible. Potential Scenarios Bullish Scenario: If Chainlink consolidates above 15.50 with increased trading volume (over 20% above the 20-day average), it could target 17.95 or $20.00. Bearish Scenario: A break below 12.50 could see sellers take control, pushing the price toward 10.57 or $9.00. Conclusion Based on current data, Chainlink is in a short-term bullish trend, but breaking the $15.50 resistance is crucial for a stronger upward move. Fundamental factors, such as the expansion of the CCIP protocol and partnerships with financial institutions, could bolster the bullish trend. Traders should closely monitor key support and resistance zones and await confirmation from indicators and price patterns.