Chainlink Price Struggles to Break Above Descending Trendline

Chainlink's price has been struggling to break above its long descending trendline. The token attempted to clear this line but failed to hold the move, slipping back below it on a closing basis.

The price has been grinding lower since the failed breakout attempt, with traders wondering whether this was just a shakeout or the start of fresh downside.

A close above $8.536 would flip the setup bullish toward $8.920 and $9.310, while a close below $7.879 would confirm the breakout failed and shift focus to $7.516, the previous swing low.