Chainlink price analysis: LINK fails to break out of the descending triangle, what's next?

Chainlink price analysis shows that LINK prices are still bearish after a long period of sideways trading.LINK's current trading price is $7.10 after a decline of $7.10 in the last 24 hours. A descending triangle has formed and prices have not been able to break out past the resistance at $7.5.The support at $6.5 is.

Timeline of Chainlink

Chainlink price analysis suggests an upwards movement to $18.00 The closest support level lies at $16.92 LINK faces resistance at the $17.32 mark The Chainlink price analysis shows that LINK has struggled to break above the $7.00 mark in the past few days as the bullish momentum fades. Today, the price has broken.

Chainlink price analysis reveals that the LINK/USD pair is trading in a sideways trend. The bulls have not been able to push the price above the $7 resistance, and the bears have not been able to push it below the $6.5 support.

Chainlink price analysis indicates that the bulls have been trying to challenge the $8.0 resistance without success for the last 24 hours. Chainlink's current trading price is $7.36 after opening the daily chart trading at $6.99.The bulls were successful in pushing the prices above the $7.0 level and were also able to attain a high.

A cursory look at data from CoinMarketCap revealed that Chainlink's native coin, LINK posted significant gains in the last 24 hours. Trading hands at $7.35 per LINK coin, the coin marked a 15% uptick in price.

To some, Chainlink's network has one advantage that no other blockchain in the crypto-space has — Vitality. When compared to other blockchains, Chainlink will always remain relevant.

The price of Chainlink (LINK) resumed its downward correction after the June 13 collapse. On June 13, the price of LINK declined and retested the previous low of $5.50. Since May 12, the bulls have consistently defended support at $5.50. Current selling pressure has also stalled above $5.50.

Chainlink price analysis reveals that the market is currently in a bullish trend with LINK value appreciating to $6.24. The cryptocurrency has seen an increase of over 8% in the last 24 hours as it turned bullish after a week-long consolidation.

Chainlink price analysis shows that the LINK/USD pair is facing a bearish market as it has slipped below the $6.00 mark. The key support level for the pair is present at $5.79, and if this level breaks, the pair may drop to $5.50.

Chainlink price analysis indicates Chainlink's current price action is indicative of a bearish trend that is slowly but surely building up. After breaking down from the ascending triangle pattern in mid-May, LINK has been consistently trading below the $ 8 mark after the massive crypto crash seen in early May.LINK's price has been bearish since.

The LINK/USDT pair resonating inside a falling wedge pattern is gradually narrowing its price spread. Furthermore, the altcoin recently rebounded from the $5.5 support aims to rechallenge the overhead resistance.