Amid the broader market correction, the Chainlink price witnessed a steady correction evidenced by the lower high formations in the daily chart. An analysis of the daily chart revealed this retracement as the development of the descending triangle pattern. The bearish pattern coiled with market uncertainty could lead to a prolonged downfall in the LINK coin. Should you sell?
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Is Falling LINK Price Heading to $14?
The ongoing correction trend in Chainlink coin can be traced through the development of a descending triangle pattern. The downsloping trendline led the altcoin price from $22.8 to $17 registering over 25% fall within a month.
The pattern assists traders to sell on bullish bounces leading to a breakdown below the key support. The LINK price shows this neckline supports around $16.5 level. With an intraday loss of 8%, the altcoin slides below the support offering a suitable barrier to p
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