#Chainlink (#LINK ) Price Analysis

Chainlink (LINK) fell on December 26, breaking through the $23 support level, indicating that bearish pressure remains.

The 20-day EMA ($23.89) has begun to turn down, and the RSI is slightly below the midpoint, showing a slight advantage for the bears. The LINK/USDT trading pair may test the strong support level at $20. Buyers may vigorously defend this support level, as a drop below $20 would complete a bearish head and shoulders pattern (H&S), in which case the trading pair could fall to $16.

If buyers wish to regain market dominance, they must push the price to break above and maintain above $27.50. This would provide the possibility for a rebound to $31.