Chainlink (LINK) Faces Potential Reversal as Bears Target $16.10 Support Level
Chainlink (LINK) is showing signs of compression NEAR a critical support level, currently trading at $16.39 as bullish momentum wanes. Analyst Andrew Griffiths proposes a short strategy with an entry at $16.477, stop loss at $16.526, and target at $16.10, presenting a favorable 1:5 risk-reward ratio.
Technical indicators reveal rejection of highs near $16.80, formation of lower highs, and diminishing volume - all signaling weakening buying pressure. The $16.10 level, previously a demand zone, could face renewed selling pressure if bearish sentiment continues.
BraveNewCoin data supports LINK's short-term downward trajectory, strengthening the bearish case. Traders are watching for a decisive break below $16.50 to confirm further downside potential.
