Amid the recent market sell-off, the Chainlink price witnessed a notable reversal from the $16 psychological level. This new lower high formation in the daily chart indicates the sellers are still dominating the price movement and have plunged the asset to $13.7, registering a weekly loss of 14.4%. If the supply pressure persists, the LINK price could retest the multi-month support at $11.8, indicating the potential of a bullish reversal.
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Will the Falling Wedge Lead to a Bullish Reversal?
Chainlink Price| Tradingview
Over the past seven weeks, the Chainlink price has witnessed a steady correction trend evidenced by a falling wedge pattern in the daily chart. Under the influence of this setup, the bears led lower high formations signaling the traders are actively selling on a bullish bounce.
However, the 50% Fibonacci retracement level around $13.82 level has stalled the falling price, r
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