Bearish Storm Brewing: LINK's $17.1 Support Test Imminent

Chainlink (LINK) has been trading flat in recent days, entering a consolidation phase with low volatility. However, the market appears to be building up for another significant price movement, with a potential decline on the horizon. While LINK has found a support level, it may not hold following the new bearish formation on the daily timeframe. If the price breaks below the monthly low, a bigger dump can be expected.

The key levels to watch for LINK are $17.1 as the closest support for a breakdown, which could plunge the price to the $15.4 support. The lower price level to watch for a dip is $13. There is no sign of an increase at the moment, but if the bulls manage to step back, the potential resistance level for a test is $19.8. Higher levels to keep in mind are $22.3 and $27 in case of a breakup.

As of now, LINK's spot price is $17.8, with a bearish trend and high volatility. It is essential to stay updated with the latest market developments and conduct thorough research before making any trading or investment decisions.