\nChainlink Price Prediction: the formation of a channel pattern at key resistance hints at the potential of bearish reversal.\t\t\t\t<\/p>\n
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Chainlink Price Prediction: Amid the broader market uncertainty, the LINK price is struggling to maintain a sustainable bullish recovery. The daily chart has recently depicted a series of short-bodied candles with elongated wicks circling the $12 level, signaling a burgeoning supply pressure. This recent activity raises questions about whether the LINK coin has reached an overbought territory<\/a>.<\/span><\/p>\n <\/p>\n Also Read: Altcoin Market Rally: Ethereum, XRP and Cardano Lead the Show<\/a><\/p>\n Despite the increasing overhead supply pressure, the chainlink price<\/a> is maintaining a slow yet steady rally under the influence of the rising channel pattern. The formation of new higher highs and lows can be marked using the two ascending trendlines, which act as dynamic resistance and support.\u00a0<\/span><\/p>\n Today\u2019s trading session saw LINK price attain a significant 9.5% increase, momentarily touching a 16-month peak at $12.6. However, this horizontal level coincided with the resistance of the aforementioned channel pattern<\/a> and triggered a minor pullback to the $11.95 mark.<\/span><\/p>\n<\/blockquote>\n Should the downward pressure persist, a 6.5% pullback towards the channel\u2019s lower boundary may occur, offering an opportunity to reignite the bullish fervor. As long as the support trendline holds, a steep correction is likely averted.\u00a0<\/span><\/p>\n A rebound off this support could empower buyers to overcome the immediate resistance at $12.6, setting the stage for an advance towards the $14.65 to $15 zone.<\/span><\/p>\n <\/p>\n While the overall market sentiment for the LINK price seems bullish, a breakdown from the channel would intensify the market supply pressure. This breakdown could undermine the current bullish thesis and lead to a downfall $10.7 mark aligned with the 23.6% Fibonacci Retracement level<\/a> followed by the $9.5 mark with 38.27% FIB. The potential retracement to this support level would still benefit the buyers in the long-term rally by recuperating the exhausted bullish momentum.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nDual Resistance at $12.6 Hints Bearish Pullback<\/strong><\/h2>\n
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![\"Chainlink](\"https:\/\/s3.tradingview.com\/snapshots\/y\/Yg0VWCo2.png\")
Source- <\/span>Tradingview<\/span><\/p>\n\n
Will the LINK Price Fall Back to $10?<\/strong><\/h2>\n
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