Chainlink Price Faces Crucial Resistance at $8.64-$8.65

Chainlink's price is facing resistance at $8.64-$8.65, where it's encountering strong resistance and a near-perfect confluence of technical indicators.

The market's short-term momentum read appears contradictory, with the RSI looking calm but stochastics printing overbought levels.

Taker selling is overwhelming buy volume, suggesting that this rally may be driven by short covering rather than fresh long conviction.

According to Lawrence Jengar, LINK's technical reality check is a crucial one: until it closes convincingly above its 200-day SMA at $8.85, every bounce will just be a bounce inside a longer-term damaged picture.