- Chainlink bulls struggle to defend the ascending channel support.
- The technical picture has turned drab, threatening to erase the gains made this week.
Chainlink is among the few cryptoassets that continue to sustain the uptrend despite the general bearish wave across the market. Earlier this week, LINK surged over 30% from a low around $2.0 to highs touching $2.30.
The majestic recovery broke key barriers within an ascending channel. The channel resistance and support have been tested numerously. Besides, the ongoing correction is banking on taking advantage of the channel support to avert a potential reversal to the recent $2.0.
The volume is also taking a step back while the RSI retreats below 60. If the technical picture does not change, the chances of sustaining LINK above $2.2 are very slim. However, the 50 EMA is above the 100 EMA to show that the buyers still have a say.
LINK/USD 1-hour chart
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