#Chainlink Inside a Bear Flag, Primary Support at $5.5Past Performance of Chainlink
Chainlink prices are trending at around 2022 lows, and sellers are still in control. Despite the optimism, LINK prices are within a bear flag with decreasing trading volumes. With LINK stable and up two percent on the last trading day, the short-term trajectory depends on the reaction at $6.8 or $5.5.
#Chainlink Technical Analysis
LINK prices are within a downtrend and inches away from 2022 lows. The primary support lies at $5.5 and is a critical level that may define the short to medium term. Since LINK bulls have been unable to close above the bear flag and initiate the move up to reverse losses of the first half of June 2022, sellers are still dominant. In the short term, traders can wait for a breakout formation with high trading volumes above $6.8 or $5.5 before entry. A close above the bear flag at $6.8 may see Chainlink prices rally to June 2022 highs of $9.40. Conversely, losses below $5.5 may trigger a sell-off, forcing LINK to new 2022 lows.
What to Expect from #LINK?
Technical candlestick arrangement favors sellers at spot rates. Prices are currently inside a bear flag with waning upside momentum. So far, Chainlink bulls have been unable to reverse losses of the first half of June.
Resistance level to watch out for: $6.8
Support level to watch out for: $5.5
Disclaimer: Opinions expressed are not investment advice. Do your research.
