Price forecasts for Chainlink: Focus on breaking above the LINK price, but the 50-day exponential moving average still acts as a barrier.

The Chainlink token (LINK) is gaining momentum, trading at $9.13 at the time of writing this report on Friday. This optimism about the token's value reflects the overall positive trend in the cryptocurrency market, driven by the fragile but resilient ceasefire between the United States and Iran.

- Chainlink's price stabilized as bullish bets increased.
It appears traders are growing more confident in Chainlink's ability to maintain its upward trend, which may explain the rise in buy-side bets, keeping the open interest-weighted funding rate for futures positive at 0.0042% on Friday, down slightly from 0.0061% the previous day. If these expectations persist, downward pressure could ease, paving the way for Chainlink to break through the $10.00 barrier.

Open interest rate weighted by trading volume for Chainlink series | CoinGlass

Meanwhile, LINK's demand from retail investors is decreasing, as evidenced by the decline in open interest volume for futures, reflecting the nominal value of existing futures contracts, to about $371 million on Friday, down from approximately $376 million the day before. The decline in open interest volume indicates waning investor confidence and reluctance to open new positions.

Open futures trading data for Chainlink | Source: CoinGlass

- Technical outlook: Chainlink faces hurdles despite attempts to break through.
Chainlink is trading at $9.13, with limited expectations given its spot price remains below key moving averages and a strong downward resistance line. The price hovers below the 50-day exponential moving average at $9.16, while the 100-day EMA stays at $10.19 and the 200-day EMA at $12.08 above the resistance level, indicating that broader recovery attempts are still limited within a medium-term downtrend.

Momentum is somewhat more positive, with the (RSI) approaching 54 on the daily chart and the (MACD) turning positive, but this improvement has not been enough to reclaim the near-term moving average ceiling.

Daily chart of the LINK/USDT pair

On the bullish side, immediate resistance is centered around the 50-day EMA at $9.16, followed by a break of the downtrend line near $9.26, where sellers are likely to regain control at the first test. Continued upward movement above this zone would reveal the next bullish target at the 100-day EMA around $10.19, before the most significant barrier at the 200-day EMA near $12.08.

The absence of clearly defined nearby support levels in the provided metrics makes the oracle token vulnerable to deeper pullbacks if buyers fail to push through the $9.16–$9.26 range, and traders will need to look at previous swing lows, such as $8.68 on the broader chart, for potential demand zones.
$LINK