Chainlink Price Drops Below Key Support Level, Traders Eye Downside Targets

Chainlink (LINK) traders have received a bearish signal this week after the price slipped below a key support level of $8.38, according to analyst Crypto Patel.

The break below this level confirmed a breakdown below the rising trendline that had been guiding the price for some time.

This development is seen as a shift in favor of sellers, with Patel listing an entry zone between $8.38 and $8.48 and three downside targets: $7.87, then $7.67, and finally $7.40.

The LINK daily chart shows mixed signals, with the relative strength index at 44, leaning toward weakness, while other indicators suggest a bearish trend is in play.