The crypto market has been down for some days now, and it seems to be getting worse. Coins like Hedera (HBAR) and Chainlink (LINK) are both down by close to 15% each in the last 24 hours, and things could even get worse as some key price supports, which have been holding the price since December, weaken for the two cryptos.
What you'll learn 👉
Hedera Could Break 2-Month-Old Support
HBAR price has been consolidating since December 4, trading between $0.39 as resistance and $0.23 as support. The support has been holding consistently since the beginning of December; however, the price today broke below $0.23, dipping to $0.17.
Although there has been some recovery, we need to see the daily candlestick close above the support for at least a chance to continue the consolidation. A break below the $0.23 level on the daily chart could signal a bearish continuation to lower levels. This could lead to a decisive +20% dip towards $0.17
Read Also: Is Solana Dead? Analyst Warns of SOL Price Crash
Chainlink Breaking Out of Descending Triangle Pattern
Chainlink price is facing a similar condition. The price has been trading within a descending triangle since the beginning of December, with the base of the triangle at around $19.3 serving as support. At the time of writing, LINK is losing this support as the price is trading below this level.
For LINK price, a daily close within the descending triangle pattern could give some bullish momentum, propelling the price to target the top of the triangle. However, if Chainlink price closes below the $19 support, the descending triangle pattern will be invalidated, potentially triggering a bearish continuation.
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