Chainlink (LINK) is flashing bearish signals as it forms a pennant pattern, hinting at a potential continuation of its downward trajectory. After struggling to gain bullish momentum, the price remains in consolidation, with sellers keeping a tight grip on the market. If this pattern plays out, LINK could be at risk of a steep drop, with key support levels facing increased pressure. Market sentiment appears cautious, as bulls attempt to hold the line against growing bearish momentum. A breakdown from this structure might accelerate losses, pushing LINK toward lower price zones. However, if buyers manage to invalidate the pattern, a relief rally may be in play. Analyzing Price Action: Bearish Pennant Signals Breakdown Currently, Chainlink continues to trade within the confines of the bearish pennant pattern, indicating a state of indecision in the market. Neither the bulls nor the bears have established firm control, as the price remains constrained within converging trendlines. Related Reading: Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ‘ATH Are Next’ Typically, this consolidation phase suggests that market participants are in a wait- ..
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