Chainlink Price Analysis of March 11, 2025: Chainlink Plunges from $14.55 to $11.85, Can It Recover?

The recent drop in the Chainlink price trend has instilled fear in investors’ minds as LINK continues to drop from its 52-week high and might reach its 52-week low of $8. If you are tracking the Chainlink price trend and wondering when this downtrend will end or what the support and resistance levels will be, then this analysis is for you. As we go through Chainlink price analysis, we explore different patterns and how Chainlink reacted to them. Without any further delay, let’s dive into Chainlink price analysis and find out where Chainlink price today could trade.

Chainlink Price Analysis of the Last 24 Hours

At 00:40 UTC, Chainlink broke out to the upside from an expanding triangle, forming a spike and a converging triangle pattern. RSI moved to the overbought area at 04:15 UTC, which supported the breakout. Chainlink broke out of the converging triangle at 05:05 UTC, forming an expanding triangle pattern, which further suggested a range-bound market. At 09:15 UTC, Chainlink broke out to the upside, corroborated by a golden cross in MACD, marking the high of the day at $14.55.

Chart 1: Analysed by vallijat007, published on TradingView, March 11, 2025

An expanding triangle pattern appeared in the price as the RSI dropped below the level of 30, indicating an overall oversold market condition. Another range appeared in the price, which broke out to the downside at 00:10 UTC, corroborated by a death cross in MACD, marking the low of the day at $11.85. 

Chainlink Trades in a Channel: Will Support at $11.85 Hold?

Chainlink spiked to the upside from this level and formed a spike and channel pattern at 01:30 UTC. A golden cross appeared in MACD, further indicating a reversal or at least a pullback in the price. For now, the level of $11.85 is a critical support level, and the level of $14.50 is a critical resistance level for Chainlink. 

As Chainlink is currently trading inside a channel formed after a spike, if the channel remains intact or breaks out to the upside, the resistance level could be tested.  However, if the channel breaks out to the downside, then further downside movement could be seen, and Chainlink may test the support level of $11.85. If the support fails to hold, the Chainlink price today may drop further.

Chainlink’s Downtrend Sparks Fear, but Recent Recovery Offers Hope

The extreme downtrend in Chainlink has created fear among investors and traders, but as the recent recovery after marking the low of the day, some hope still persists in Chainlink. Altcoins continue to face selling pressure as long as Bitcoin does not stabilize or show some bullish momentum. Traders and investors are encouraged to take a look at the Chainlink price chart by themselves, as the crypto market is subjected to potential risk. Risk management and position sizing are some of the factors that determine the destiny of a trader.