Chainlink (LINK) Price Analysis: Bearish Flag Pattern Suggests F

LINK/USDT Technical Analysis

Chainlink (LINK) is currently trading at $5.37, down 90% from its all-time high of $54. The cryptocurrency has been in a downtrend since the start of the year, and it is currently forming a bearish flag pattern.

A bearish flag pattern is a continuation pattern that forms after a sharp move up or down. The flag is formed by a horizontal consolidation after the initial move, and it is typically followed by a move in the opposite direction of the initial move.

In the case of LINK, the initial move was down, and the flag is currently forming. This suggests that the downtrend is likely to continue, and that LINK could fall to $2.85 or even $1.79.

However, there is a potential for a bullish reversal if LINK can break above the resistance level of $6.70. If this happens, LINK could rally to $5.89, $18, or even $54.

Key Levels

Support: $2.85/₹1.79
Resistance: $5.89/$18/$54
Note: This is not financial advice. Do your own research before investing in any coins.

Conclusion

The technical analysis for LINK/USDT is bearish. The cryptocurrency is currently forming a bearish flag pattern, which suggests that the downtrend is likely to continue. However, there is a potential for a bullish reversal if LINK can break above the resistance level of $6.70.