Chainlink (LINK) Struggles Amid Bearish Pressure as Key Resistance Holds Strong

Chainlink's price action continues to show bearish momentum, with LINK unable to maintain above the crucial $17.50 resistance level. The token is currently trading NEAR $16, reflecting a 0.71% decline over the past 24 hours as traders monitor critical support zones.

Technical analysis reveals a clear rejection pattern, with LINK/USDT dropping from $17.50 to $16.60 in a decisive bearish move. The formation of lower highs and weakening momentum signals potential further downside unless buyers can decisively reclaim the $17.50 level.

The market structure remains fragile, with each upward MOVE met with significant selling pressure. Until LINK demonstrates sustained buying volume or establishes a higher high, the downward trend appears to be the path of least resistance.