Chainlink $LINK closed above the resistance line of the descending channel pattern on May 22, but the bulls are finding it difficult to maintain the momentum.
The bears are trying to pull the price back into the descending channel. If the price skids below the neckline, it suggests that the breakout above the resistance line may have been a bull trap. The LINK/USDT pair could sink to $13.20, keeping the price stuck inside the channel for some more time.
Conversely, a solid bounce off the resistance line indicates that the bulls are trying to flip the level into support. The pair could rise to $18 and thereafter to $19.80.