Chainlink LINK Tests Critical $13 Support as Bearish Pattern Persists
Chainlink's LINK token is hovering NEAR the pivotal $13 support level, with analysts flagging a recurring bearish pattern. The cryptocurrency has failed to reclaim key resistance zones since early 2024, establishing a series of lower highs within a descending channel.
Market technician Don highlights three distinct distribution-to-decline cycles, each culminating in retracements to historical demand zones. The latest rejection at $18.20 reinforces the prevailing downward structure, with $12.13 emerging as a crucial reaction level.
Until LINK breaches the descending trendline resistance, the asset remains vulnerable to continued range-bound movement or further downside. Market participants are awaiting either a structural breakout or confirmation of extended consolidation.
