Chainlink Prediction: Is LINK Headed for a Double-Digit Dive

April's 31% drop forms monthly chart's evening star pattern

• #Chainlink experiences a bearish reversal from the 38.20% Fibonacci level at $23, failing to establish bullish momentum.

• The price drops below the $15 psychological mark and the 23.60% Fibonacci level, indicating increasing bearish sentiment.

• The LINK price has fallen below the critical support level of $15 and has shown a rounding top pattern on the charts.

• On the Weekly chart, LINK finds support near the 50-week Exponential Moving Average following a 6% decline overnight.

• The token is nearing a pivotal level around $11, with expectations of a significant rebound soon.

• Bullish reversal is anticipated if LINK maintains the $11 support, potentially reaching $16 in the coming days.

• As per Coingabbar analysis, Conversely, if Bears breach the $11 level, downside potential exists to target the $8.50 support zone as supply continues to grow.

KEY LEVELS :

RESISTANCE LEVEL : $13.50-$15.00

SUPPORT LEVEL : $11.50-$9.70

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