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The Chainlink price has been trending lower in a descending channel for weeks now. This repetitive price pattern has given us key levels.
Right now, the chainlink price has failed to break through the top part of the descending channel on the LINK/USDT 4-hour timeframe. If this weakness persists, we might see up to a 34% dump in the Chainlink price in the days to come.
Key Levels To Watch
For this bearish prediction in Chainlink to remain valid, the Altcoin must continue to trade below the $22.134 resistance region. This price level served as both support and resistance for the Chainlink before, making it a key level to watch.
If this $22.134 resistance region on the 4-hour timeframe holds, we can expect to see ChainLink sell-off back down to the base of the descending channel. This is a 42% move.
Bearish Targets
The first level to watch would be the $16.141 lows. The Chainlink bears might find bullish support around this price region.
If the Altcoin price breaks and closes below this $16.141 support, we might see the Chainlink price dump down back to the base of the channel.
Final Verdict!
Chainlink is still in a downtrend, but trading within a descending channel. If the key levels of this channel hold, we can expect to see the Chainlink price continue to bounce around within it.
However, the key level to watch is the $22.134 resistance. A break of this resistance is very bullish for Chainlink and points to a very high potential for us to see that rally continue in the coming days.
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