Chainlink: Effects of this pattern’s break on LINK’s technicals could be…

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Although its early June rally bagged in decent gains, the bears quickly regained control of the near-term trend. Thus, Chainlink [LINK] has been consolidated in the $5.45-$7.36 range for nearly three weeks now.

With the price falling below 200 EMA (green), sellers have ensured a long-term bearish outlook. 

Further, considering the recent reversal from the Point of Control (POC, red), LINK could continue on its bearish track. At press time, LINK was trading at $6.1.

Source: TradingView, LINK/USDT

After an expected reversal from the $7.3 ceiling, LINK’s descent transposed into a short-term falling-wedge setup. The sellers propelled a 21% drop from 26-30 June.

The last 24 hours marked a decent buying attempt while the alt broke above its reversal pattern. But with the POC standing sturdy, the price action struggled to jump above the $6.3-level.

Furthermore, LINK saw a shooting star candlestick pattern after dropping from its POC. Thus, the bears re-enforced the near-term selling edge. Further, the recent selling volume has been slightly higher than the buy volumes. So the buyers needed to amplify their pressure to retest the POC.

Any drop below the $5.9-mark could expose the alt to an 8% downside toward the $5.45-support. An immediate recovery would likely see a squeeze phase near the POC in the $6.3-$6.2 range.

Source: TradingView, LINK/USDT

The Relative Strength Index (RSI) failed to breach the boundaries of its equilibrium for the last five days. After its recent bearish divergence with the price, it has visibly depicted a bearish bias.

Also, the Aroon up (yellow) indicator corresponded with the