Chainlink's Trendline Support Break Sends Bears Targeting Lower Prices

Chainlink (LINK) has entered a critical phase after breaking below its key trendline support at $8.38, marking a significant shift in market momentum. The decline below this level confirms a bearish break, which could lead to further downside for the cryptocurrency.

The bears are now targeting lower prices, with objectives set around $7.87, $7.67, and $7.40. In contrast, resistance remains near the previous support zone of $8.38.

For buyers to reclaim control and restore momentum, they must first break through this resistance level with strong volume. However, if sellers continue to defend the area between $8.38 and $8.48, it could strengthen the bearish outlook and increase the likelihood of fresh lows.