Chainlink at a Crossroads: Pressure Builds Near 50-day EMA

Chainlink (LINK) is showing signs of fatigue after slipping 2% on Friday, now testing the strength of its 50-day Exponential Moving Average (EMA) at $22.154. This decline follows two consecutive sessions of gains and puts LINK at risk of an early reversal within the broader symmetrical triangle pattern seen on the daily chart.

A breakdown below the 50-day EMA would expose the next support near the 100-day EMA at $20.682, aligning with the triangle’s lower boundary.

On the momentum side, indicators remain indecisive. The Relative Strength Index (RSI) is holding at 49, neutral but sloping downward—hinting at waning buying pressure. Meanwhile, the MACD hovers just above the signal line after a crossover on Thursday, showing little conviction from bulls.

Should LINK rebound from its current level, the first upside test lies at the triangle’s resistance trendline around $23.5. A breakout could clear the path toward the September 13 peak at $25.636, though strong resistance is expected at that zone.

In the near term, the 50-day EMA remains the key battleground—a bounce could reignite momentum, but a breakdown would open the door for deeper losses.

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