Chainlink Faces Bearish Pressure Amid Pennant Pattern Formation
- Chainlink (LINK) is exhibiting a bearish pennant pattern, signaling potential further decline.
- The price remains below the 100-day Simple Moving Average (SMA), reinforcing a negative trend.
- A breakdown could push LINK below the $17.96 support level, with risks of falling to $15.
- Bulls are attempting to defend key levels to prevent further losses and initiate recovery.
- A successful rebound could target the $19.87 resistance level for potential gains.
Chainlink’s current trading within a bearish pennant pattern suggests indecision, with risks of a decline below $17.96 if bears gain control, while bulls aim for recovery above $19.87.
Source (2.6)https://www.newsbtc.com/analysis/link/link-price-action-turns-cautious/?rand=52377
