Chainlink ($LINK) investors should be on high alert as the cryptocurrency encounters a formidable resistance area within the 4-hour and 1-day timeframes. Adding to the concern, $LINK is currently following a rising channel pattern, which often signals a bearish trend.
The resistance zone, spanning from 8.160 to 8.640, presents a significant barrier for Chainlink. If the price is unable to break through this critical level, it could pave the way for an attractive shorting opportunity.
Traders eyeing this potential short opportunity have their sights set on two key target areas: 7 and 6.5. These levels could serve as profitable exit points if $LINK faces rejection at the resistance zone.
In conclusion, Chainlink is currently at a pivotal juncture, with a potential shorting opportunity looming if it fails to breach the 8.160-8.640 resistance zone. Keep a close watch on this scenario as it unfolds, as it could present a promising trading opportunity for savvy investors.
